CC Gets A-OK for Abu Dhabi Debut
Clifford Change joins a growing list of law firms expanding their presence in Abu Dhabi. Interestingly, Clifford Chance appears to be pursuing Riyadh through a best friends relationship that is now in its 10th year.
Wednesday, July 30, 2008
Friends With Benefits: BigLaw Finds Informal Overseas Liaisons Satisfying
Friends With Benefits: BigLaw Finds Informal Overseas Liaisons Satisfying
This is a very interesting article with a number of "best friends" success stories. Many firms do not see the need for, or the benefit of, having offices around the world. Instead, they search out relationships with local firms with which they can form more or less permanent alliances to meet the needs of clients. This often produces very satisfactory results with much lower costs and risks for the "best friends." A word of caution, however, relying on best friends relationships does not mean there is no work involved. To maintain a good best friends network takes a lot of work and requires considerable effort to keep the relationship in order. Among the things that must be done is broad-scale meetings between the firms on a periodic basis. Thus, there is a clear cost to best friends relationships.
This is a very interesting article with a number of "best friends" success stories. Many firms do not see the need for, or the benefit of, having offices around the world. Instead, they search out relationships with local firms with which they can form more or less permanent alliances to meet the needs of clients. This often produces very satisfactory results with much lower costs and risks for the "best friends." A word of caution, however, relying on best friends relationships does not mean there is no work involved. To maintain a good best friends network takes a lot of work and requires considerable effort to keep the relationship in order. Among the things that must be done is broad-scale meetings between the firms on a periodic basis. Thus, there is a clear cost to best friends relationships.
Friday, July 25, 2008
Law.com - Allen & Overy Continues Reign at Top of Global Projects Rankings
Law.com - Allen & Overy Continues Reign at Top of Global Projects Rankings
This article is worth a read just to get a sense of the scope of what international transactional work is at the moment. It is a bit disappointing to see that US firms are not as active players as some of their UK counterparts.
This article is worth a read just to get a sense of the scope of what international transactional work is at the moment. It is a bit disappointing to see that US firms are not as active players as some of their UK counterparts.
Thursday, July 24, 2008
Law.com - Manatt's China Energy Gambit
Law.com - Manatt's China Energy Gambit
This article discusses an interesting approach to China. Notice that Manatt says it has no current plans to open an office in China. It did, however, hire a well versed Chinese practitioner who has demonstrated considerable mobility on his own to assist with developing business in China.
This article discusses an interesting approach to China. Notice that Manatt says it has no current plans to open an office in China. It did, however, hire a well versed Chinese practitioner who has demonstrated considerable mobility on his own to assist with developing business in China.
Law.com - Latham Puts Lawyers in Mideast Offices
Law.com - Latham Puts Lawyers in Mideast Offices
Here is another article that illustrates the increasing mobility of law firms and their staff. While the article does not say, it is hard to imagine that the partners involved are qualified in the localities in which they will be resident on very short notice. These are opportunistic moves to try to take advantage of what may prove to be transient opportunities. If these opportunities fail to materialize as expected or disappear over time, no doubt the staff involved will be assigned elsewhere.
Here is another article that illustrates the increasing mobility of law firms and their staff. While the article does not say, it is hard to imagine that the partners involved are qualified in the localities in which they will be resident on very short notice. These are opportunistic moves to try to take advantage of what may prove to be transient opportunities. If these opportunities fail to materialize as expected or disappear over time, no doubt the staff involved will be assigned elsewhere.
Wednesday, July 23, 2008
Law.com - Covington Set for Asia With Beijing Office Launch
Law.com - Covington Set for Asia With Beijing Office Launch
Another firm is joining the throng with an office in Beijing. It is hard at the moment to have a "best friend" in China due to the absence of many local firms. Given the size of the market, it does not look as if it is getting crowded yet. However, I still think that the greatest opportunities in China lie in the secondary and tertiary cities. Costs there are much lower, there is virtually no competition, and the need is great. As China is such a large country, it might make sense to branch out from Beijing and/or Shanghai to the secondary and tertiary cities. There are many of them as China has more than 100 cities with a population of 1.0 million or more.
Another firm is joining the throng with an office in Beijing. It is hard at the moment to have a "best friend" in China due to the absence of many local firms. Given the size of the market, it does not look as if it is getting crowded yet. However, I still think that the greatest opportunities in China lie in the secondary and tertiary cities. Costs there are much lower, there is virtually no competition, and the need is great. As China is such a large country, it might make sense to branch out from Beijing and/or Shanghai to the secondary and tertiary cities. There are many of them as China has more than 100 cities with a population of 1.0 million or more.
Monday, July 21, 2008
Law.com - Emerging Markets Prove Fertile Ground as U.K. Firms Reap Benefits of International Strategies
Law.com - Emerging Markets Prove Fertile Ground as U.K. Firms Reap Benefits of International Strategies
This article is another in a recent series of articles pointing out the benefits of global diversification. While this is, to a slight degree, a surprising result to me, the evidence seems to be there that it worked this year for a number of firms.
I think it remains to be seen, however, whether these benefits can continue if the so-called "head-quarters" jurisdictions are experiencing difficulty. The head-quarters jurisdictions often have a significant share of the cost and also revenue contribution. If these jurisdictions are experiencing difficulty on a sustained basis, it will likely infect the whole organization.
Put another way, It is hard to see that smaller, geographically disbursed branch operations can be the locomotive that drives the entire firm.
It is also interesting that no firm has given credit to all of the BRIC countries. Freshfields seems to be focusing on China and Russia and did not mention Brazil or India.
At the end of the day, the watchword is mobility of resources. Those firms that are most successful in moving resources from high cost, low revenue jurisdictions to higher revenue jurisdictions will be able to weather the economic storm that seems to be brewing.
This article is another in a recent series of articles pointing out the benefits of global diversification. While this is, to a slight degree, a surprising result to me, the evidence seems to be there that it worked this year for a number of firms.
I think it remains to be seen, however, whether these benefits can continue if the so-called "head-quarters" jurisdictions are experiencing difficulty. The head-quarters jurisdictions often have a significant share of the cost and also revenue contribution. If these jurisdictions are experiencing difficulty on a sustained basis, it will likely infect the whole organization.
Put another way, It is hard to see that smaller, geographically disbursed branch operations can be the locomotive that drives the entire firm.
It is also interesting that no firm has given credit to all of the BRIC countries. Freshfields seems to be focusing on China and Russia and did not mention Brazil or India.
At the end of the day, the watchword is mobility of resources. Those firms that are most successful in moving resources from high cost, low revenue jurisdictions to higher revenue jurisdictions will be able to weather the economic storm that seems to be brewing.
Friday, July 18, 2008
Law.com - Global Focus Drives U.K. Top 50 as Firms Weather Global Crunch
Law.com - Global Focus Drives U.K. Top 50 as Firms Weather Global Crunch
The statics from the British law firms continue to amaze. It looks as if they have achieved a certain amount of mobility to shift assets and resources from lower performing areas to superior performing areas. This is becoming a very common business model in the business arena. These sorts of results have to give one pause and must force careful consideration of the merits of the global integrated law firm model.
The statics from the British law firms continue to amaze. It looks as if they have achieved a certain amount of mobility to shift assets and resources from lower performing areas to superior performing areas. This is becoming a very common business model in the business arena. These sorts of results have to give one pause and must force careful consideration of the merits of the global integrated law firm model.
Thursday, July 17, 2008
Law.com - Solid Growth for Allen & Overy and Linklaters
Law.com - Solid Growth for Allen & Overy and Linklaters
No matter how you view these results, they are impressive. The question that remains open is how sustainable are they in an economic downturn, which may be the situation confronting us now. I suspect there is a considerable amount of leveraging in these numbers, and leveraging, as we know, works both ways.
No matter how you view these results, they are impressive. The question that remains open is how sustainable are they in an economic downturn, which may be the situation confronting us now. I suspect there is a considerable amount of leveraging in these numbers, and leveraging, as we know, works both ways.
Thursday, July 10, 2008
Law.com - U.S. Firms' London Growth Plans Undimmed by Downturn
Law.com - U.S. Firms' London Growth Plans Undimmed by Downturn
There are some interesting statistics in this article about the expansion plans of the US law firms in London. It is curious though, that, with an admitted downturn in business, so many firms are planning to push ahead aggressively. That sounds like a good way to saturate the market and cause a shakeout of the weaker elements many of which may well have been weakened by overly ambitious growth plans that were not warranted. Time will tell whether this is a good strategy in these times. Also, as a general rule, I favor the best friends approach whenever possible. London is a city where there are many fine choices for best friends.
There are some interesting statistics in this article about the expansion plans of the US law firms in London. It is curious though, that, with an admitted downturn in business, so many firms are planning to push ahead aggressively. That sounds like a good way to saturate the market and cause a shakeout of the weaker elements many of which may well have been weakened by overly ambitious growth plans that were not warranted. Time will tell whether this is a good strategy in these times. Also, as a general rule, I favor the best friends approach whenever possible. London is a city where there are many fine choices for best friends.
Wednesday, July 9, 2008
Dubai for Now: Corporate Honcho Heads to Mideast
Dubai for Now: Corporate Honcho Heads to Mideast
The most important aspect of this article is the emphasis some firms are placing on the Mideast. Latham & Watkins is said to be launching three offices in the region and sending some heavy weight people there to look after things. For the time being, oil revenues may support this level of lawyer presence. However, should oil revenues fall significantly, for whatever reason, and there could be many reasons, not the least of which is recession with more use of alternative energy sources lurking in the background, there could be a lot of very expensive downsizing.
The most important aspect of this article is the emphasis some firms are placing on the Mideast. Latham & Watkins is said to be launching three offices in the region and sending some heavy weight people there to look after things. For the time being, oil revenues may support this level of lawyer presence. However, should oil revenues fall significantly, for whatever reason, and there could be many reasons, not the least of which is recession with more use of alternative energy sources lurking in the background, there could be a lot of very expensive downsizing.
Country's Biggest Firm Raids NY Leader for Partner Pair
Country's Biggest Firm Raids NY Leader for Partner Pair
This is another "mobility" article. At least the author saw fit to call it a "raid." That is what it sounds like when you take several partners and a number of associates. The test of the pudding, as it were is going to be how long the new attorneys stay. Once they see how easy it is to be "mobile," the more often, in my view, they are likely to move on when they think the grass is greener somewhere else. This really cannot be good for the profession long term.
This is another "mobility" article. At least the author saw fit to call it a "raid." That is what it sounds like when you take several partners and a number of associates. The test of the pudding, as it were is going to be how long the new attorneys stay. Once they see how easy it is to be "mobile," the more often, in my view, they are likely to move on when they think the grass is greener somewhere else. This really cannot be good for the profession long term.
Law.com - Bracing for China Monopoly Law
Law.com - Bracing for China Monopoly Law
Not only is this an interesting and informative article on a very timely topic, the article lists a number of prominent law firms with offices in China, most of which are in Beijing or Shanghai.
Not only is this an interesting and informative article on a very timely topic, the article lists a number of prominent law firms with offices in China, most of which are in Beijing or Shanghai.
Law.com - Salans Gets Approval for Beijing Office Launch
Law.com - Salans Gets Approval for Beijing Office Launch
This article is illustrative of several trends that I have been highlighting in this blog since its inception. The first is the growing emphasis on the importance of having an office in a major Chinese city, such as Beijing or Shanghai. Another is the mobility of legal personnel, in one case upward mobility. Muller joined Salans from the Shanghai office of another firm, but only as an associate. Now, he heads Salans' Beijing office as a partner. Also note that Salans launched a Frankfurt office with the hire of a small group, including partners and associates, from another German law firm.
This article is illustrative of several trends that I have been highlighting in this blog since its inception. The first is the growing emphasis on the importance of having an office in a major Chinese city, such as Beijing or Shanghai. Another is the mobility of legal personnel, in one case upward mobility. Muller joined Salans from the Shanghai office of another firm, but only as an associate. Now, he heads Salans' Beijing office as a partner. Also note that Salans launched a Frankfurt office with the hire of a small group, including partners and associates, from another German law firm.
Tuesday, July 8, 2008
Law.com - Top London Partner Moves From Shearman to Weil Gotshal
Law.com - Top London Partner Moves From Shearman to Weil Gotshal
This is just another example of extreme mobility in the profession and the possible consequences to firms that play that game. According to the article, Peter King was a Linlkaters until 2003 when he left to go to S&S' London office where he remained until last week and resigned to go to Weil Gotshal's London office. This move may leave a hole in S&S's London corporate practice, but should this come as a surprise to S&S or to Weil Gotshal, if in a few years, King decides to move on again? There was something charming about the not so old notion that partnerships were for life. When legal talent becomes as mobile as major league sports figures who are recruited and traded back and forth, it takes something from the profession. While it may be very much part of the business of law these days, I think the profession loses, as do those firms who play that game.
This is just another example of extreme mobility in the profession and the possible consequences to firms that play that game. According to the article, Peter King was a Linlkaters until 2003 when he left to go to S&S' London office where he remained until last week and resigned to go to Weil Gotshal's London office. This move may leave a hole in S&S's London corporate practice, but should this come as a surprise to S&S or to Weil Gotshal, if in a few years, King decides to move on again? There was something charming about the not so old notion that partnerships were for life. When legal talent becomes as mobile as major league sports figures who are recruited and traded back and forth, it takes something from the profession. While it may be very much part of the business of law these days, I think the profession loses, as do those firms who play that game.
Thursday, July 3, 2008
Law.com - Global Growth Has the Greatest Impact on In-House Legal Departments
Law.com - Global Growth Has the Greatest Impact on In-House Legal Departments
An interesting statistic in this article is how low many GCs rate their own legal departments. This looks like an opportunity for outside law firms to pick up the slack and provide much needed quality legal services. Unfortunately, the GCs seem to be equally negative or more so about their outside legal relationships. This is obviously an area for further study. The law firm that gets it right is likely to start to reap benefits.
An interesting statistic in this article is how low many GCs rate their own legal departments. This looks like an opportunity for outside law firms to pick up the slack and provide much needed quality legal services. Unfortunately, the GCs seem to be equally negative or more so about their outside legal relationships. This is obviously an area for further study. The law firm that gets it right is likely to start to reap benefits.
Wednesday, July 2, 2008
NY Firm Continues Euro Push With Ties to Top Deal Lawyer's Boutique
NY Firm Continues Euro Push With Ties to Top Deal Lawyer's Boutique
Here is a new "best friends" approach. Interestingly, Willkie already has an office in London. So, this arrangement with Dickson Minto is in addition to Willkie's existing presence.
Here is a new "best friends" approach. Interestingly, Willkie already has an office in London. So, this arrangement with Dickson Minto is in addition to Willkie's existing presence.
Everybody Samba!: NY Leader Opens in Brazil
Everybody Samba!: NY Leader Opens in Brazil
It is surprising that more US law firms are not focused more strongly on Latin America. The B in BRIC stands for Brazil after all, and there is a lot going on throughout the region. Simpson Thacher's move to Sao Paulo should be an interesting study for other firms who have an interest in the region. I continue to believe, however, that, unless there is a compelling reason to have a presence in a region, the best friends approach has great merit, particularly if done properly.
It is surprising that more US law firms are not focused more strongly on Latin America. The B in BRIC stands for Brazil after all, and there is a lot going on throughout the region. Simpson Thacher's move to Sao Paulo should be an interesting study for other firms who have an interest in the region. I continue to believe, however, that, unless there is a compelling reason to have a presence in a region, the best friends approach has great merit, particularly if done properly.
Growth Spurt: Firm Picks Up 53 Laterals in One Day
Growth Spurt: Firm Picks Up 53 Laterals in One Day
While this is not an international acquisition by any stretch of the imagination, it is another example of the increasing mobility of groups of lawyers throughout the profession both domestically and internationally. It is also reminiscent of the recent jump of most of Thacher Profitt's Latin American practice, including Thacher's Mexico City office, to Chabourne. It might be logical to assume that the economic downturn in the US and elsewhere will put more stress on law firms and accelerate the pace of combinations, whether they are called "laterals" as this one was, mergers, or just poaching a practice group.
While this is not an international acquisition by any stretch of the imagination, it is another example of the increasing mobility of groups of lawyers throughout the profession both domestically and internationally. It is also reminiscent of the recent jump of most of Thacher Profitt's Latin American practice, including Thacher's Mexico City office, to Chabourne. It might be logical to assume that the economic downturn in the US and elsewhere will put more stress on law firms and accelerate the pace of combinations, whether they are called "laterals" as this one was, mergers, or just poaching a practice group.
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