Leveraged Planet - Mergers, Acquisitions, Venture Capital, Hedge Funds -- DealBook - New York Times
While this article is not strictly of a legal nature, it underscores the need for global cooperation in many matters, in this case the stability of markets after the near collapse of a prominent US financial institution. It was important to deal with the matter effectively, efficiently, and, most of all, quickly. Law firms often face these same sorts of issues. For the most part, they are usually up to the task.
Thursday, August 28, 2008
Law.com - International Posts: DLA Piper's Peter Valert in Prague and Sofia
Law.com - International Posts: DLA Piper's Peter Valert in Prague and Sofia
This is another article that underscores the mobility in the profession, with a very specific example as Valert ferries between Prague and Sofia. However, the article also points out that, while once there were a large number of expats involved in the practice of law int the Czech Republic and Bulgaria, the local lawyers are becoming more capable thus eliminating the need for as many expats. Presumably, in keeping with today's mobility in the profession, the unneeded expats have moved on to greener pastures.
This is another article that underscores the mobility in the profession, with a very specific example as Valert ferries between Prague and Sofia. However, the article also points out that, while once there were a large number of expats involved in the practice of law int the Czech Republic and Bulgaria, the local lawyers are becoming more capable thus eliminating the need for as many expats. Presumably, in keeping with today's mobility in the profession, the unneeded expats have moved on to greener pastures.
Wednesday, August 27, 2008
Law.com - ABA Gives Thumbs Up to Legal Outsourcing
Law.com - ABA Gives Thumbs Up to Legal Outsourcing
This is a very interesting development, and it portends some very significant changes to come in the way legal services are delivered, not just globally but locally as well. Once law firms gain experience working with remote service providers, will it still be necessary to have as many young lawyers on staff? Even if your practice is strictly local, if your peer law firms have decided to outsource much of their basic research and similar requirements, can you afford not to do that as well?
When you couple this development with other recent developments, such as, non-lawyer ownership of law firms, which is coming in the UK and already exists in Australia, will it still be necessary to have law firms of the type we have today? It may make more sense for large consumers of legal services to own their own core group of lawyers who then outsource as much as possible. This would essentially make today's law firm an outmoded structure.
Also, this may make it easier, or even necessary, for individual lawyers to establish their own identity and work independent of law firms. The attorney-client relationship is, after all, still in many aspects a one-to-one relationship. A top lawyer with a good reputation and a good presence on the Internet, may find it more interesting to work alone and create, or become part of, teams on an ad hoc basis. If you have not noticed, this is how many other service industries are going. Many young people in those industries these days have multiple employers whom they service over the Internet. Why should law be any different, particularly when the rules are changing to make that easier.
This is a very interesting development, and it portends some very significant changes to come in the way legal services are delivered, not just globally but locally as well. Once law firms gain experience working with remote service providers, will it still be necessary to have as many young lawyers on staff? Even if your practice is strictly local, if your peer law firms have decided to outsource much of their basic research and similar requirements, can you afford not to do that as well?
When you couple this development with other recent developments, such as, non-lawyer ownership of law firms, which is coming in the UK and already exists in Australia, will it still be necessary to have law firms of the type we have today? It may make more sense for large consumers of legal services to own their own core group of lawyers who then outsource as much as possible. This would essentially make today's law firm an outmoded structure.
Also, this may make it easier, or even necessary, for individual lawyers to establish their own identity and work independent of law firms. The attorney-client relationship is, after all, still in many aspects a one-to-one relationship. A top lawyer with a good reputation and a good presence on the Internet, may find it more interesting to work alone and create, or become part of, teams on an ad hoc basis. If you have not noticed, this is how many other service industries are going. Many young people in those industries these days have multiple employers whom they service over the Internet. Why should law be any different, particularly when the rules are changing to make that easier.
Thursday, August 21, 2008
Law.com - International Posts: Shearman & Sterling's Andrew Janszky in Sao Paulo
Law.com - International Posts: Shearman & Sterling's Andrew Janszky in Sao Paulo
This article underscores an interesting aspect of attorney mobility. It is one thing to talk about shifting resources to enhance business opportunities, but the reality of the situation is that real people, and, often, their families, must face the personal issues involved. Good luck to Mr. Janszky and his family!
This article underscores an interesting aspect of attorney mobility. It is one thing to talk about shifting resources to enhance business opportunities, but the reality of the situation is that real people, and, often, their families, must face the personal issues involved. Good luck to Mr. Janszky and his family!
Wednesday, August 20, 2008
Law.com - Dozen 'Stolen' Taylor Wessing Partners Headed to Nixon Peabody
Law.com - Dozen 'Stolen' Taylor Wessing Partners Headed to Nixon Peabody
Here is a follow up to an earlier article and my comments on that article in this blog. It seems to me that, if law firms are going to start behaving like commercial entities, that this spate of litigation over a busted deal is a natural progression. There was a time when law firms were professional organizations that behaved much differently. Once they lose that status, all bets are off.
Here is a follow up to an earlier article and my comments on that article in this blog. It seems to me that, if law firms are going to start behaving like commercial entities, that this spate of litigation over a busted deal is a natural progression. There was a time when law firms were professional organizations that behaved much differently. Once they lose that status, all bets are off.
Monday, August 18, 2008
Law.com - Dechert Expands in Asia With Beijing Office
Law.com - Dechert Expands in Asia With Beijing Office
Deckert makes another move in China to join a growing number of firms that want to have a presence there. Deckert's experience underscores the competition for qualified people who understand the China market, and it looks as if the competition for them is becoming intense, another "mobility issue." The article also contains a number of references to what other firms are doing in China and the route they took to gain a presence there. Finally, I do not think the reference to Duane Morris' Singapore and two Vietnam offices really qualify as a base for activities in China. If you want to be in China, you really have to be there.
Deckert makes another move in China to join a growing number of firms that want to have a presence there. Deckert's experience underscores the competition for qualified people who understand the China market, and it looks as if the competition for them is becoming intense, another "mobility issue." The article also contains a number of references to what other firms are doing in China and the route they took to gain a presence there. Finally, I do not think the reference to Duane Morris' Singapore and two Vietnam offices really qualify as a base for activities in China. If you want to be in China, you really have to be there.
Tuesday, August 12, 2008
Law.com - Eversheds Signs New Deal to Outsource Work to India
Law.com - Eversheds Signs New Deal to Outsource Work to India
There was a very interesting article in this morning's New York Times entitled "Cost-Cutting in New York, but a Boom in India" about the outsourcing of financial analysis services to India. Some of the services being outsourced are at a higher level, more comparable to what used to be performed in places like New York, London, or Hong Kong. They are not "entry level" services. It seems that some of the world's major financial institutions are outsourcing financial analysis services on an increasingly grand scale. The article quotes the number of personnel some of the major banks have involved, and the numbers are, in deed, impressive.
Then, in this morning's Law.com there was the above noted feature about Eversheds doing the same thing in the legal services area. This is another example of the mobility of legal services, particularly, legal services of a commodity nature, which is the case here - the services in question are indicated to be services that cannot be performed at a reasonable cost inhouse or at Eversheds. So long as the ethical considerations are properly observed, these services can usually be performed elsewhere, usually at substantially less cost. This leads to the obvious conclusion that it is going to become increasingly more necessary for larger law firms to be able to access these outsourcing services in an ethically appropriate way.
There was a very interesting article in this morning's New York Times entitled "Cost-Cutting in New York, but a Boom in India" about the outsourcing of financial analysis services to India. Some of the services being outsourced are at a higher level, more comparable to what used to be performed in places like New York, London, or Hong Kong. They are not "entry level" services. It seems that some of the world's major financial institutions are outsourcing financial analysis services on an increasingly grand scale. The article quotes the number of personnel some of the major banks have involved, and the numbers are, in deed, impressive.
Then, in this morning's Law.com there was the above noted feature about Eversheds doing the same thing in the legal services area. This is another example of the mobility of legal services, particularly, legal services of a commodity nature, which is the case here - the services in question are indicated to be services that cannot be performed at a reasonable cost inhouse or at Eversheds. So long as the ethical considerations are properly observed, these services can usually be performed elsewhere, usually at substantially less cost. This leads to the obvious conclusion that it is going to become increasingly more necessary for larger law firms to be able to access these outsourcing services in an ethically appropriate way.
Friday, August 8, 2008
Law.com - International Posts: Clifford Chance's Nicholas Fletcher, in Warsaw
Law.com - International Posts: Clifford Chance's Nicholas Fletcher, in Warsaw
Fletcher has some very interesting perspectives and comments on working in Eastern Europe during a very important time in its transition from Communism to Capitalism.
Fletcher has some very interesting perspectives and comments on working in Eastern Europe during a very important time in its transition from Communism to Capitalism.
Law.com - Linklaters Makes High-Profile FTC Hire in New York
Law.com - Linklaters Makes High-Profile FTC Hire in New York
This is a very interesting move that continues to prove what I think many of us have suspected for a long time. Many of the Magic Circle firms are hedging their bets by establishing significant presences in New York. If there is only going to be one major world legal center, London and New York top the list. Having a strong presence in each means, no matter which way it turns out, they will be there in force.
This is a very interesting move that continues to prove what I think many of us have suspected for a long time. Many of the Magic Circle firms are hedging their bets by establishing significant presences in New York. If there is only going to be one major world legal center, London and New York top the list. Having a strong presence in each means, no matter which way it turns out, they will be there in force.
Thursday, August 7, 2008
Law.com - Taylor Wessing Fears Over Outside Investment Triggered Disputed Paris Merger
Law.com - Taylor Wessing Fears Over Outside Investment Triggered Disputed Paris Merger
This article gives a glimpse of what may come when law firms may have non-lawyer ownership and may run more like a business than a professional practice. It all starts when Taylor Wessing started its Paris office with the acquisition of a 30 lawyer team from an accounting firm. Then, it seems Taylor started to explore financing possibilities under the upcoming UK Legal Services Act. This upset Taylor's Paris partners and they decided to talk to a US based firm about a merger that would take them out of Taylor. When Taylor's other partners learned of the Paris partners' merger plans, they intervened and were able to talk the Paris partners into staying put, or, at least that is what people thought. However, the Paris managing partner stepped down and apparently continued to pursue merger discussions with the US firm. This has now triggered Taylor to bring a law suit against the US firm for breach of various duties, including a non-poaching clause in the documents signed when the merger was under discussion. This is beginning to sound a bit like Microsoft and Yahoo. I guess these things are to be expected when professional practices start behaving like commercial businesses.
This article gives a glimpse of what may come when law firms may have non-lawyer ownership and may run more like a business than a professional practice. It all starts when Taylor Wessing started its Paris office with the acquisition of a 30 lawyer team from an accounting firm. Then, it seems Taylor started to explore financing possibilities under the upcoming UK Legal Services Act. This upset Taylor's Paris partners and they decided to talk to a US based firm about a merger that would take them out of Taylor. When Taylor's other partners learned of the Paris partners' merger plans, they intervened and were able to talk the Paris partners into staying put, or, at least that is what people thought. However, the Paris managing partner stepped down and apparently continued to pursue merger discussions with the US firm. This has now triggered Taylor to bring a law suit against the US firm for breach of various duties, including a non-poaching clause in the documents signed when the merger was under discussion. This is beginning to sound a bit like Microsoft and Yahoo. I guess these things are to be expected when professional practices start behaving like commercial businesses.
Tuesday, August 5, 2008
Law.com - O'Melveny Opens in Singapore With White & Case Hire
Law.com - O'Melveny Opens in Singapore With White & Case Hire
Here is another example of mobility and the growing interest in Singapore. Mobility, as we have pointed out comes in many forms. We see two of them here: the move from firm to firm and the move from one jurisdiction to another. It will be interesting to see if Singapore can sustain its appeal over the long haul. Ultimately, India will have to relax its current restrictions on foreign law firms establishing there. Once that happens, the appeal of Singapore will no doubt diminish considerably as some firms will move quickly to establish there. We will then probably see another form of mobility, the mobility of capital and resources as firms transfer from Singapore to India.
Here is another example of mobility and the growing interest in Singapore. Mobility, as we have pointed out comes in many forms. We see two of them here: the move from firm to firm and the move from one jurisdiction to another. It will be interesting to see if Singapore can sustain its appeal over the long haul. Ultimately, India will have to relax its current restrictions on foreign law firms establishing there. Once that happens, the appeal of Singapore will no doubt diminish considerably as some firms will move quickly to establish there. We will then probably see another form of mobility, the mobility of capital and resources as firms transfer from Singapore to India.
Friday, August 1, 2008
Hunton Sets Its Sights on Akin Gump
Hunton Sets Its Sights on Akin Gump
This is interesting. Two hundred and forty-seven laterals and counting. How does a firm manage its culture and its traditions when it starts to import such large groups of lawyers on a wholesale basis. Today's posts seem to suggest that mobility is growing considerably in the profession. Some of it is inspired by tough economic times, but, obviously, not all is. Some firms still think they can beat the trend and move forward, despite the economic difficulties others may be facing. In that regard, they might want to look back on some of Cadwalader's statements from 2007.
This is interesting. Two hundred and forty-seven laterals and counting. How does a firm manage its culture and its traditions when it starts to import such large groups of lawyers on a wholesale basis. Today's posts seem to suggest that mobility is growing considerably in the profession. Some of it is inspired by tough economic times, but, obviously, not all is. Some firms still think they can beat the trend and move forward, despite the economic difficulties others may be facing. In that regard, they might want to look back on some of Cadwalader's statements from 2007.
ong Kong So Long: NY Leader Loses Asia Partner
Hong Kong So Long: NY Leader Loses Asia Partner
More examples of increasing mobility in the profession. This coupled with downsizing and other phenomena regarding legal talent means that the legal placement firms will probably start hiring some of the talent agents from professional sports. That would add an interesting dimension. You can hire away a practice group leader, but you have to give up two US Supreme Court clerks when they finish their term...Law schools might start having legal talent drafts with law review editors going to the firm with the highest right to pick...
More examples of increasing mobility in the profession. This coupled with downsizing and other phenomena regarding legal talent means that the legal placement firms will probably start hiring some of the talent agents from professional sports. That would add an interesting dimension. You can hire away a practice group leader, but you have to give up two US Supreme Court clerks when they finish their term...Law schools might start having legal talent drafts with law review editors going to the firm with the highest right to pick...
Law.com - DLA Faces Job Cuts as Effects of Crunch Continue to Take Hold
Law.com - DLA Faces Job Cuts as Effects of Crunch Continue to Take Hold
While this might not be the best example of an increasingly more common phenomenon, it is definitely an example that illustrates the growing trend of many firms to respond quickly and decisively to changing market conditions. Cadwalader would be another example with layoffs of about 130 or so professional staff in to tranches, about 35 and then another 95. It is true that law firms are also businesses, but there was a time when they put more emphasis on the professional side of things. Now, some are starting to look like automobile companies, laying off production workers the first sign that a car model is in trouble. If this is the future of law firms, then it will only be a matter of time before we see union type activity, particularly at the support staff and associate levels.
While this might not be the best example of an increasingly more common phenomenon, it is definitely an example that illustrates the growing trend of many firms to respond quickly and decisively to changing market conditions. Cadwalader would be another example with layoffs of about 130 or so professional staff in to tranches, about 35 and then another 95. It is true that law firms are also businesses, but there was a time when they put more emphasis on the professional side of things. Now, some are starting to look like automobile companies, laying off production workers the first sign that a car model is in trouble. If this is the future of law firms, then it will only be a matter of time before we see union type activity, particularly at the support staff and associate levels.
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