Law.com - Dewey Raises $125 Million in Bond Offering
While this article might appear off-topic at first, Dewey's efforts are moving things closer to what has already happened in Australia where a law firm has had a public offering. Dewey's efforts to sell its debt, as compared to ownership interests, nevertheless can provide relevant information about the appetite for the public financing of US law firms. True that the purchasers of Dewey's debt appear to be a small number of insurance companies, which could also be read as sophisticated investors, this is most probably a first step towards more aggressive offerings to come.
As foreign law firms pursue more creative ways to finance their activities, it is going to be necessary for US law firms to pursue similar options, if they want to keep pace with their foreign competitors. One option would be, of course, for US law firms to move off-shore, in whole or in part, to jurisdictions which allow greater flexibility in financing options. Should this start to occur in large numbers, it will behove US law firm regulators to move quickly to provide similar options. Otherwise, there may be a departure of some of the larger globally focused law firms that are now managed from the US.
Monday, April 19, 2010
Thursday, December 31, 2009
Law.com - Manatt Employment Partner to Start Boutique
Law.com - Manatt Employment Partner to Start Boutique
As we close the year 2009, I would like to point out and comment on this provocative article about the future of the large law firm, which John Fox of Manatt, Phelps & Phillips, suggests is too expensive and inefficient. If this is so, how can one justify the megafirms, which is another way of describing the large, global, integrated law firms.
There is no question that the practice of law is changing again. In fact, it has been changing for the last 20 years or so, as lawyers experiment with different models to address the needs of rapidly growing and internationalizing clients.
One of the most significant trends of the last 20 years was the globalization of business, and lawyers and law firms had to address the changes this caused. There still is no generally accepted model for addressing this globalization of business phenomenon. However, there have been no paucity of models that have emerged to address it.
The reality seems to be these days that being big and being everywhere you think your clients might need you leads to superior profits. In fact, in troubled economic times, such as those we have just been through, this philosophy has led to the demise of many fine, venerable, old law firms. In fact, regional, niche, and boutique law firms have often seemed to weather the hard times better than their much larger rivals.
It seems certain now that the global economy is poised for a rebound, which some say will be a stunningly strong one. It remains to be seen which law firm business model will be best suited to take advantage of the opportunities this will offer to lawyers and law firms. I tend to think that Mr. Fox and his colleagues who have joined with him are on to something.
As we close the year 2009, I would like to point out and comment on this provocative article about the future of the large law firm, which John Fox of Manatt, Phelps & Phillips, suggests is too expensive and inefficient. If this is so, how can one justify the megafirms, which is another way of describing the large, global, integrated law firms.
There is no question that the practice of law is changing again. In fact, it has been changing for the last 20 years or so, as lawyers experiment with different models to address the needs of rapidly growing and internationalizing clients.
One of the most significant trends of the last 20 years was the globalization of business, and lawyers and law firms had to address the changes this caused. There still is no generally accepted model for addressing this globalization of business phenomenon. However, there have been no paucity of models that have emerged to address it.
The reality seems to be these days that being big and being everywhere you think your clients might need you leads to superior profits. In fact, in troubled economic times, such as those we have just been through, this philosophy has led to the demise of many fine, venerable, old law firms. In fact, regional, niche, and boutique law firms have often seemed to weather the hard times better than their much larger rivals.
It seems certain now that the global economy is poised for a rebound, which some say will be a stunningly strong one. It remains to be seen which law firm business model will be best suited to take advantage of the opportunities this will offer to lawyers and law firms. I tend to think that Mr. Fox and his colleagues who have joined with him are on to something.
Friday, November 20, 2009
A&O signs outsourcing deal with LPO provider Integreon | News | The Lawyer
A&O signs outsourcing deal with LPO provider Integreon News The Lawyer
This is a very brief, but nevertheless interesting, article because it discusses a UK firm teaming up with a Legal Process Outsourcing firm with offices in New York and Mumbai in an effort to produce significant cost savings (the article estimates 30-50 percent). Obviously, most of the LPO work will be done in Mumbai and not in New York to achieve that level of savings. LPO is here to stay it seems, and it introduces a new type of mobility into the practice of law.
This is a very brief, but nevertheless interesting, article because it discusses a UK firm teaming up with a Legal Process Outsourcing firm with offices in New York and Mumbai in an effort to produce significant cost savings (the article estimates 30-50 percent). Obviously, most of the LPO work will be done in Mumbai and not in New York to achieve that level of savings. LPO is here to stay it seems, and it introduces a new type of mobility into the practice of law.
Friday, November 6, 2009
Two Linklaters partners defect to Indian best friend Talwar Thakore | News | The Lawyer
Two Linklaters partners defect to Indian best friend Talwar Thakore News The Lawyer
As signs of life start coming back into the economy, we are starting to see select firms bulking up again. We are also starting to see more mobility coming back. This article is interesting because it shows these emerging trends again, but it also shows the problems with India and how foreign firms address that market. Ultimately, India is going to have to open its doors to foreign law firms that want to establish there. Until that happens India's legal profession will not flourish as it should.
As signs of life start coming back into the economy, we are starting to see select firms bulking up again. We are also starting to see more mobility coming back. This article is interesting because it shows these emerging trends again, but it also shows the problems with India and how foreign firms address that market. Ultimately, India is going to have to open its doors to foreign law firms that want to establish there. Until that happens India's legal profession will not flourish as it should.
Thursday, November 5, 2009
Sweden's Vinge calls time on London presence | News | The Lawyer
Sweden's Vinge calls time on London presence News The Lawyer
This is an interesting development, which bears further watching. A number of firms have recently enhanced their presence in London, which has generated a reasonable amount of press comment. Either these firms know something Vinge does not or vice versa. Alternatively, times could be tougher for Vinge than is generally thought. Time will tell.
This is an interesting development, which bears further watching. A number of firms have recently enhanced their presence in London, which has generated a reasonable amount of press comment. Either these firms know something Vinge does not or vice versa. Alternatively, times could be tougher for Vinge than is generally thought. Time will tell.
Wednesday, October 14, 2009
The Recession's Not Over for China's Law Firms
The Recession's Not Over for China's Law Firms
While the concern some Chinese firms had for the recent economic problems is understandable, many would argue that the impact of these problems was not nearly as severe in China as in many parts of the world. In any case, it is good to see that the Chinese firms also are starting to see the light at the end of the tunnel. More important, this article underscores the increasingly interconnected nature of the world of international legal services. No one is immune from severe economic problems wherever they may occur. As we see further globalization of legal services, which will most certainly be the case as the recovery takes hold world-wide, I suspect that more firms are going to start to take this into account in their future planning. If you were burned once, you will try to avoid getting burned again.
While the concern some Chinese firms had for the recent economic problems is understandable, many would argue that the impact of these problems was not nearly as severe in China as in many parts of the world. In any case, it is good to see that the Chinese firms also are starting to see the light at the end of the tunnel. More important, this article underscores the increasingly interconnected nature of the world of international legal services. No one is immune from severe economic problems wherever they may occur. As we see further globalization of legal services, which will most certainly be the case as the recovery takes hold world-wide, I suspect that more firms are going to start to take this into account in their future planning. If you were burned once, you will try to avoid getting burned again.
Friday, October 9, 2009
Law.com - What a Hogan/Lovells Merger Would Mean
Law.com - What a Hogan/Lovells Merger Would Mean
This article has some interesting comments and statistics on what the Hogan/Lovells (which the article shortens to "Hogells") would mean. Curiously, it does not mean a major entry into the New York capital markets market. If it goes through, someone is going to have to come up with a better nickname than Hogells. In fact, they had better do it now before Hogells sticks. Not a very flattering nickname.
This article has some interesting comments and statistics on what the Hogan/Lovells (which the article shortens to "Hogells") would mean. Curiously, it does not mean a major entry into the New York capital markets market. If it goes through, someone is going to have to come up with a better nickname than Hogells. In fact, they had better do it now before Hogells sticks. Not a very flattering nickname.
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