Firm Sharpens Ax for Up to 120 Attorneys and 150 Staffers
The news is now starting to confirm that law firms, even the large, global integrated law firms are not immune from the economic difficulties of our times. Immediately above this article about Linklaters was an article about MoFo cutting 200 positions. The two firms are almost half a world apart, but they are experiencing the same problems and taking the same corrective action. Then, a little bit further down is another article about Clifford Chance and the staff reductions in Moscow, Salaam, and the Mideast. It remains to be seen whether having offices flung far and wide will be considered a benefit any more.
Thursday, January 29, 2009
India's Legal Elite on Scandal, Innovation and Pressure for Reform
India's Legal Elite on Scandal, Innovation and Pressure for Reform
The interesting part of this article is the news about a "best friends" relationship with Clifford Chance. The barriers to the entry of foreign firms into the Indian market may be opening slightly. If so, those firms with enhanced experience in the Indian market through solid best friends relationships will, no doubt, have an advantage when it becomes possible to establish a permanent presence in India for the practice of law.
The interesting part of this article is the news about a "best friends" relationship with Clifford Chance. The barriers to the entry of foreign firms into the Indian market may be opening slightly. If so, those firms with enhanced experience in the Indian market through solid best friends relationships will, no doubt, have an advantage when it becomes possible to establish a permanent presence in India for the practice of law.
Tuesday, January 27, 2009
Eversheds Seals Singapore Launch With DLA Hire
Eversheds Seals Singapore Launch With DLA Hire
It is refreshing to see a story about international legal services that does not talk about downsizing and layoffs. This is gets us back to the more mundane issues of mobility in the global legal services arena and the opening of foreign branch offices. As for mobility, there are a number of examples cited that show, attorneys in this arena move about quite freely, not only from jurisdiction to jurisdiction but firm to firm. Also, Eversheds, appears to be moving aggressively with branch offices in Asia, particularly in China. It will be interesting to see how these offices do in these troubled economic times.
It is refreshing to see a story about international legal services that does not talk about downsizing and layoffs. This is gets us back to the more mundane issues of mobility in the global legal services arena and the opening of foreign branch offices. As for mobility, there are a number of examples cited that show, attorneys in this arena move about quite freely, not only from jurisdiction to jurisdiction but firm to firm. Also, Eversheds, appears to be moving aggressively with branch offices in Asia, particularly in China. It will be interesting to see how these offices do in these troubled economic times.
Monday, January 26, 2009
Baker & McKenzie Lays Off 20 Legal Staff in London
Baker & McKenzie Lays Off 20 Legal Staff in London
Article such as this one are becoming cumulative to the issue. The point is that the declining world economy is clearly beginning to affect law firms of all sizes and types in all geographic regions. It might have taken a little longer or might not be as severe in some regions, but nothing is immune.
Article such as this one are becoming cumulative to the issue. The point is that the declining world economy is clearly beginning to affect law firms of all sizes and types in all geographic regions. It might have taken a little longer or might not be as severe in some regions, but nothing is immune.
Wednesday, January 21, 2009
Firm Downsizes Equity Partner Ranks
Firm Downsizes Equity Partner Ranks
More downsizing news from London. Contrary to some of the information in the article mentioned in the prior post, downsizing seems to be the rule rather than the exception.
More downsizing news from London. Contrary to some of the information in the article mentioned in the prior post, downsizing seems to be the rule rather than the exception.
Shocking Rivals, Firm Swings Ax on 19 Partners
Shocking Rivals, Firm Swings Ax on 19 Partners
This should not be shocking news. The whole world is experiencing a serious downturn in economic activity. So, why wouldn't there be situations like this in the UK and elsewhere. Moreover, why should they be the exception rather than the rule. Notably, one rival managing partner is quoted as saying, "If Addleshaws is doing it then other firms may follow suit..." However, there was a disclaimer that followed. With all the stimulus and efforts to turn things around in the US, there is still scant progress to show for it. In fact, the situation in the US may actually still be worsening. Thus, there may be much more to come, particularly in those economies that are not as engaged as the US might be in trying to turn things around.
This should not be shocking news. The whole world is experiencing a serious downturn in economic activity. So, why wouldn't there be situations like this in the UK and elsewhere. Moreover, why should they be the exception rather than the rule. Notably, one rival managing partner is quoted as saying, "If Addleshaws is doing it then other firms may follow suit..." However, there was a disclaimer that followed. With all the stimulus and efforts to turn things around in the US, there is still scant progress to show for it. In fact, the situation in the US may actually still be worsening. Thus, there may be much more to come, particularly in those economies that are not as engaged as the US might be in trying to turn things around.
Tuesday, January 20, 2009
Allen & Overy Considers Job Cuts in Hong Kong
Allen & Overy Considers Job Cuts in Hong Kong
More evidence that the consequences of the current economic downturn is spreading around the globe for law firms. While the departure of a seven lawyer team may have contributed to the move, "exceptionally difficult market conditions" were certainly also a factor.
More evidence that the consequences of the current economic downturn is spreading around the globe for law firms. While the departure of a seven lawyer team may have contributed to the move, "exceptionally difficult market conditions" were certainly also a factor.
Friday, January 16, 2009
Not for Long in Hong Kong?: Firm Weighs Axing Attorneys
Not for Long in Hong Kong?: Firm Weighs Axing Attorneys
More problems for the global presence firms, even though A&O has been reasonably successful in landing some very important global assignments. Contrast this with the earlier post about Cleary's results for the year.
More problems for the global presence firms, even though A&O has been reasonably successful in landing some very important global assignments. Contrast this with the earlier post about Cleary's results for the year.
U.K. Firms Claim They Won't Follow Clifford Chance's Lead in Job Cuts
U.K. Firms Claim They Won't Follow Clifford Chance's Lead in Job Cuts
This article stands in sharp contrast to the prior post about Cleary's performance. Many of the law firms mentioned here are in the "global law firm" mode. Although most are not publicly stating that cuts are planned the underlying message is that everything is under review.
This article stands in sharp contrast to the prior post about Cleary's performance. Many of the law firms mentioned here are in the "global law firm" mode. Although most are not publicly stating that cuts are planned the underlying message is that everything is under review.
Law.com - Global Projects Boost Cleary's Revenue Figures
Law.com - Global Projects Boost Cleary's Revenue Figures
The interesting part about this article is that, while Cleary does have foreign branch offices, it does not have a large number and is not trying to be everywhere. Rather, Cleary has global projects or, put another way, global business rather than a global presence. That seems to be the important difference, because many of the large "global law firms" are experiencing difficulties as many, including this blog, have noted. The article also mentions some of the projects that contributed to the increase in Cleary's revenues. These projects are of superior quality for top level clients, which tends to underscore the old fashioned formula for success, get good business from good clients.
The interesting part about this article is that, while Cleary does have foreign branch offices, it does not have a large number and is not trying to be everywhere. Rather, Cleary has global projects or, put another way, global business rather than a global presence. That seems to be the important difference, because many of the large "global law firms" are experiencing difficulties as many, including this blog, have noted. The article also mentions some of the projects that contributed to the increase in Cleary's revenues. These projects are of superior quality for top level clients, which tends to underscore the old fashioned formula for success, get good business from good clients.
Monday, January 12, 2009
Kill the Billable Hour? A British Response
Kill the Billable Hour? A British Response
This merits a mention, in part, because, when both London and New York start thinking the same way on a topic, it becomes much more likely that it is going to take hold. I think, however, that some of the comments seriously understate the ease with which lawyers and their clients will be able to agree on the value of a transaction. However, the positive aspect is that, once there is agreement, it is more likely that payment will follow as agreed. This growing debate about the billable hour merits close attention, because, if it takes hold in major international transactions, this will provide considerable impetus to implement it more broadly.
This merits a mention, in part, because, when both London and New York start thinking the same way on a topic, it becomes much more likely that it is going to take hold. I think, however, that some of the comments seriously understate the ease with which lawyers and their clients will be able to agree on the value of a transaction. However, the positive aspect is that, once there is agreement, it is more likely that payment will follow as agreed. This growing debate about the billable hour merits close attention, because, if it takes hold in major international transactions, this will provide considerable impetus to implement it more broadly.
Thursday, January 8, 2009
Law.com - Clifford Chance Set to Lay Off up to 80 Lawyers in London
Law.com - Clifford Chance Set to Lay Off up to 80 Lawyers in London
It would seem that our London colleagues are no more immune from the current economic difficulties than we may be. When this year's projected reductions are coupled with last year's, the number of reductions is getting quite large and represents what appears to be a reduction of more than 10%. It will be interesting to see what happens as the effects of the current economic difficulties start to ripple out to some of the foreign branch offices. This may present a tough set of choices.
It would seem that our London colleagues are no more immune from the current economic difficulties than we may be. When this year's projected reductions are coupled with last year's, the number of reductions is getting quite large and represents what appears to be a reduction of more than 10%. It will be interesting to see what happens as the effects of the current economic difficulties start to ripple out to some of the foreign branch offices. This may present a tough set of choices.
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