Clifford Chance Eyeing Indian Nuptials
Here is an example of a "best friends" approach to the Indian legal market. This is the only practical way to exploit that market given the extremely restrictive rules about foreign legal practice that exist at the moment. As a general rule, I normally prefer the best friends approach over the physical presence approach. In India, as noted, the physical presence approach is not feasible in any case.
Tuesday, December 23, 2008
Monday, December 22, 2008
Will Tough Economy Push Companies to Outsource Legal Work?
Will Tough Economy Push Companies to Outsource Legal Work?
This article provides some interesting insights into the problems and benefits of legal process outsourcing, which is rapidly emerging as a means for some major US corporations to reduce their legal costs. The article draws an important distinction between business process outsourcing (back office functions, such as accounting) and the more recent phenomenon of legal process outsourcing, which essentially means turning over complete legal functions to the outsourcing firm. In some cases, companies like Microsoft and GE claim to have achieved significant savings with a superior work product. Of course, the recent ABA ethics opinion (also briefly mentioned in the article) requires a qualified attorney to accept responsibility for the outsourced work. That seems to be the major concern, as, for the time being, legal process outsourcing seems to require a considerable amount of oversight.
This article provides some interesting insights into the problems and benefits of legal process outsourcing, which is rapidly emerging as a means for some major US corporations to reduce their legal costs. The article draws an important distinction between business process outsourcing (back office functions, such as accounting) and the more recent phenomenon of legal process outsourcing, which essentially means turning over complete legal functions to the outsourcing firm. In some cases, companies like Microsoft and GE claim to have achieved significant savings with a superior work product. Of course, the recent ABA ethics opinion (also briefly mentioned in the article) requires a qualified attorney to accept responsibility for the outsourced work. That seems to be the major concern, as, for the time being, legal process outsourcing seems to require a considerable amount of oversight.
Economic Crisis Shifts Asian Spotlight to Litigation
Economic Crisis Shifts Asian Spotlight to Litigation
Much of the information in this article is anecdotal, but it is not surprising. As the large, integrated, global firms see the traditional business of their foreign offices dwindle due to the current economic uncertainties and lack of transactional business, they are being faced with hard choices about what to do with these expensive offices. Not surprisingly, they are trying to adapt them to the available business and to new opportunities, which often means a radical departure from previous traditional business mix. This raises some interesting questions, because this new business also appears to require a different staffing mix than the traditional transactional staff mix. It will be interesting to see how this plays out.
Much of the information in this article is anecdotal, but it is not surprising. As the large, integrated, global firms see the traditional business of their foreign offices dwindle due to the current economic uncertainties and lack of transactional business, they are being faced with hard choices about what to do with these expensive offices. Not surprisingly, they are trying to adapt them to the available business and to new opportunities, which often means a radical departure from previous traditional business mix. This raises some interesting questions, because this new business also appears to require a different staffing mix than the traditional transactional staff mix. It will be interesting to see how this plays out.
Friday, December 19, 2008
Law.com - Berwin Leighton Paisner Set for Russia Launch With Moscow Merger
Law.com - Berwin Leighton Paisner Set for Russia Launch With Moscow Merger
This is an interesting bit of news that comes at a time when most of the news of the legal community is dominated by salary cuts, bonus reductions or eliminations, reductions in staff, sometimes severe, or, worse still, simply going out of business, such as Heller and Thelen. There is some of that in this article too. Obviously, however, the breakup of one firm is another firm's gain. Nevertheless, in these difficult times, it is curious to see that, even though both firms appear to be well acquainted with the "best friends" concept, they did not chose that option and, instead, opted for a more costly, higher risk linkup.
This is an interesting bit of news that comes at a time when most of the news of the legal community is dominated by salary cuts, bonus reductions or eliminations, reductions in staff, sometimes severe, or, worse still, simply going out of business, such as Heller and Thelen. There is some of that in this article too. Obviously, however, the breakup of one firm is another firm's gain. Nevertheless, in these difficult times, it is curious to see that, even though both firms appear to be well acquainted with the "best friends" concept, they did not chose that option and, instead, opted for a more costly, higher risk linkup.
Tuesday, December 9, 2008
A Tale of Two Emirates in the Financial Crisis
A Tale of Two Emirates in the Financial Crisis
This article in another example of the great mobility of the "global firms" to chase opportunity. However, there are ominous storm clouds on the horizon, but the firms still seem to keep coming despite these clear warning signs, which include a 40% decline in property values. While there may still be a belief that anyone can make money in Dubai, and its neighbor Abu Dhabi, experience has taught us that, as the competition grows, not everyone can or will, particularly those who established a presence there without having a real plan or a real need for that presence. Fortunately, mobility expertise may make it easy to withdraw as rapidly as one came, provided the warning signs are appropriately perceived and acted on in a timely fashion.
This article in another example of the great mobility of the "global firms" to chase opportunity. However, there are ominous storm clouds on the horizon, but the firms still seem to keep coming despite these clear warning signs, which include a 40% decline in property values. While there may still be a belief that anyone can make money in Dubai, and its neighbor Abu Dhabi, experience has taught us that, as the competition grows, not everyone can or will, particularly those who established a presence there without having a real plan or a real need for that presence. Fortunately, mobility expertise may make it easy to withdraw as rapidly as one came, provided the warning signs are appropriately perceived and acted on in a timely fashion.
Monday, December 8, 2008
Cold Feet: MegaFirm Calls Off Merger Talks
Cold Feet: MegaFirm Calls Off Merger Talks
It looks as if the current economic climate is impacting more than year-end bonuses and head-counts. One would think, however, that, in more difficult economic times, unless the other partner is in serious difficulty, it would be better to join forces and gain from the synergy than go it alone. Thus, there must be more to this story than has been reported thus far.
It looks as if the current economic climate is impacting more than year-end bonuses and head-counts. One would think, however, that, in more difficult economic times, unless the other partner is in serious difficulty, it would be better to join forces and gain from the synergy than go it alone. Thus, there must be more to this story than has been reported thus far.
lawjobs.com Career Center - Three Ways to Save Big Firms
lawjobs.com Career Center - Three Ways to Save Big Firms
This article states the problems of the current situation for large firms very well and then posits three conclusions:
1. Abolish the distinction between partners and associates;
2. Outside investment in law firms as is already permitted in England and Australia; and
3. Have meaningful covenants not to compete.
All of these conclusions deserve further study and comment, which will come in due course.
This article states the problems of the current situation for large firms very well and then posits three conclusions:
1. Abolish the distinction between partners and associates;
2. Outside investment in law firms as is already permitted in England and Australia; and
3. Have meaningful covenants not to compete.
All of these conclusions deserve further study and comment, which will come in due course.
Wednesday, December 3, 2008
Law.com - White & Case to Undergo Major Reorganization
Law.com - White & Case to Undergo Major Reorganization
The subtitle of this article could be "Global, but not Integrated." But that is now all going to change for W&C it seems. There are some very interesting cross-currents here. The regional structure still leaves open the question of how integrated the individual offices will be, even if they might be better integrated with the other offices in the region. Will the offices in the various regions be integrated with the offices in the other regions, and, if so, how? On the other side is the client team concept, which, at least for the five clients involved, should integrate the entire firm and all its offices behind the needs of the specific clients involved. This structure bears some watching to see how well it plays out and whether it really solves the problems inherent in having a firm with many far flung offices that are essentially independent of one another.
The subtitle of this article could be "Global, but not Integrated." But that is now all going to change for W&C it seems. There are some very interesting cross-currents here. The regional structure still leaves open the question of how integrated the individual offices will be, even if they might be better integrated with the other offices in the region. Will the offices in the various regions be integrated with the offices in the other regions, and, if so, how? On the other side is the client team concept, which, at least for the five clients involved, should integrate the entire firm and all its offices behind the needs of the specific clients involved. This structure bears some watching to see how well it plays out and whether it really solves the problems inherent in having a firm with many far flung offices that are essentially independent of one another.
Tuesday, December 2, 2008
DLA Piper Reviews 40 U.K. Jobs in Redundancy Consultation
DLA Piper Reviews 40 U.K. Jobs in Redundancy Consultation
This looks like the usual suspects in the current market situation, real estate and finance. It looks as if the economic malaise is clearly settling in in most of the major jurisdictions around the world and not just in the major centers, such as New York and London. I suppose this is not surprising taking into account yesterday's news that we have been in a recession for almost a year now. That has to be taking its toll everywhere, not just in the major centers.
This looks like the usual suspects in the current market situation, real estate and finance. It looks as if the economic malaise is clearly settling in in most of the major jurisdictions around the world and not just in the major centers, such as New York and London. I suppose this is not surprising taking into account yesterday's news that we have been in a recession for almost a year now. That has to be taking its toll everywhere, not just in the major centers.
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