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.

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.

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.

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.

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.

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.

What They're Saying About BigLaw Merger Rumor Across the Pond

What They're Saying About BigLaw Merger Rumor Across the Pond
When you drill down a bit into the data, the much talked about Lovells/Hogan merger has some interesting issues. For example, there is a rather significant differential in PEP between the two firms, with Lovells being on the short side, which raises a question about how this will play out. Most would look at this development as positive in this economic climate, because merger activity of any consequence has been decidedly sparse of late. If this comes to pass, it will not be an inconsequential merger by any measure.

Playing the Middle Game: Is Now the Time to Expand? Check

Playing the Middle Game: Is Now the Time to Expand? Check
Here is another article that seems to take an encouraging and forward looking view about the future. However, as one person quoted in the article said, "People are more cautious about their global investments right now." That being said, at least people are starting to talk about expansion, and some are even expanding. So, at least for some law firms, there is a light at the end of the tunnel.

A&O in bid to dominate US work in London | News | The Lawyer

A&O in bid to dominate US work in London News The Lawyer
I take this as a sign that some law firms are preparing for a brighter future in the belief that a solid economic recovery is now underway and that, despite the bad news of lagging indicators such as unemployment, significant capital markets work is close a hand. I think this article also underscores the trend of mobility in the profession. We are starting to see more of that again, which is another sign to me that some of us see a recovery at hand.

After Moscow Defection, Firms Brings Four Lawyers In From the Cold

After Moscow Defection, Firms Brings Four Lawyers In From the Cold
The saga of Dechert and Chadbourne and attorney mobility continues and more players seem to be joining the fray. In some ways, this mobility is not surprising. If you are willing to leave one firm, why wouldn't you be willing to leave the firm you went to? This really can't be good for the profession though.

Chadbourne Regains Moscow Partner From Dechert

Chadbourne Regains Moscow Partner From Dechert
This article is a "mobility curiosity." The mobility of the profession has increased dramatically over the last decade or so with lawyers changing firms at a remarkable pace. This sequence of events, perhaps, takes the cake. It also makes you wonder how dedicated the participants were in the first place. Perhaps the most important issue, which the article does not discuss at all, is the impact on clients who have to decide whether they wish to follow the attorney changing firms. This certainly cannot give such clients a comfortable feeling, and it must also prove costly as new teams get up to speed, etc.

Hiring not firing | Opinion | The Lawyer

Hiring not firing Opinion The Lawyer
Conyers is clearly trying to seek out the opportunities the economic downturn has presented and get ahead of the curve when the recovery starts to take hold. Much of what Conyers is doing and saying makes good sense.

Norton Rose puts US high on agenda | News | The Lawyer

Norton Rose puts US high on agenda News The Lawyer
Regardless of the merits of NR's plans, it is good to see people starting to make forward looking plans again. Most economic forecasters are calling the bottom of the current recession as this past June. If this is correct, and it appears as if it is, this is the time to start thinking about the future and making plans to capitalize on the recovery that is now underway. Historically, the deeper the recession, the more robust the recovery once it takes hold. Thus, there may be reason to think that the coming recovery will be much more robust that many people are now predicting. This being said, NR's move is not without controversy as the legal press shows. Not everyone things it is a good idea. Some also predict it will fail. I will take a more watch and see what happens view. The timing seems to be right in any case.

Network of Small, Midsize Firms Look for Opportunity in Hard Times

Network of Small, Midsize Firms Look for Opportunity in Hard Times
It is always nice to read an article that supports your views. This article comments on the virtues of law firm networks, and I completely agree. Good law firm networks are formalized and structured "best friends" relationships that are maintained in large part by a professional staff at the network level. Of course, as with any best friends relationship, you get out of the relationship what you put into it. The same is true of law firm networks. You get out of them what you put into them. Thus, there are still costs to maintaining a firm's presence in a law firm network. These costs include, network dues, the cost of attending network meetings, and the costs of participating in network sponsored programs and activities. All things considered, however, these costs are usually less than those required to maintain a series of ad hoc best friends relationships.

Mapping the Legal Globe

Mapping the Legal Globe
This looks like a very worthwhile project that anyone interested in the delivery of legal services internationally should definitely follow and support. One thing that needs much closer study is the belief that only the largest law firms can successfully enter the international arena. I do not subscribe to that view, but there is no formal evidence that suggests that small firms can be successful as well. With more study of the means and methods of delivering international legal services, I suspect that it will be possible to demonstrate that most firms can enjoy an international practice, if they have the right skill sets and the right mix of "best friends" or law firm network connections.

BigLaw Firm Breaks Out the Good China

BigLaw Firm Breaks Out the Good China
It is good to see more articles about firms forming alliances and opening offices and fewer articles about staff reductions, pay cuts, and law firm closings. At the end of the day, a large part of the future of the practice of law rests with international practice, and those firms who have remained true to their commitment to enhance their ability to practice internationally will be much better off for it.

BigLaw Firm Takes Lateral Hiring Spree Across the Pond

BigLaw Firm Takes Lateral Hiring Spree Across the Pond
There may be several interesting old and new trends in this article. The old trend is the continuing mobility of lawyers at the top of their profession. The new trend is that some firms obviously think better times are coming and are getting ready for them. Greenberg Traurig obviously is not troubled by the current economic climate and must obviously think the worst it behind us. Let's hope they are right.

White & Case prepares for Qatar launch | News | The Lawyer

White & Case prepares for Qatar launch News The Lawyer
If you read this article quickly without looking at other factors, it seems to suggest that the economy is turning around and that firms are starting to take reasonable forward looking risks again. However, at the same time, it looks as if DLA is still pulling back in the region. Several other firms have done the same recently. They all cannot be right in their assessment of the situation. While I tend to think it is important to seize opportunities, and that difficult times can mask opportunities unless you look closely, W&C's new office seems like a bold move that bears further watching.

Norton Rose signs tie-up with Australia's Deacons | News | The Lawyer

Norton Rose signs tie-up with Australia's Deacons News The Lawyer
This is an interesting combination, and it must reflect a certain confidence that the economy is going to be turning around soon, particularly in the Australia and Asia markets. What is also interesting is how Deacons' Hong Kong and other China offices are going to fit in. There is not too much said about that other than they are not part of the merger. I guess this is one of those stay tuned issues that will come out later.

Pinsent Masons to Outsource Litigation Work to South Africa

Pinsent Masons to Outsource Litigation Work to South Africa
South Africa is rapidly becoming a favored outsourcing jurisdiction it seems, particularly among UK firms. The interesting question is how long will it be before US firms start to discover South Africa?

working on a proposal for a panel on foreign direct investment for delivery at the ABA SIL 2010 Spring Meeting in NYC

Eversheds branches into Saudi Arabia | News | The Lawyer

Eversheds branches into Saudi Arabia News The Lawyer
There is still mobility and there are still firms building new bridges and relationships despite some of the grim economic news of the last months. This one looks as if it is low risk and low budget, which is probably always the best way to go, regardless of the economic times.

Recession? So What?: Firms Opening Overseas Offices

Recession? So What?: Firms Opening Overseas Offices
These are interesting times, and and the justification for a Beijing office is an interesting one as well. As there is a 12 hour difference between the East Coast of the US and Beijing, there is a certain logic to having an office that does not face those issues. However, there has to be a sufficient practice to justify the presence. Time difference alone will not cut it.

Jones Day to Launch in Dubai With Partner Transfers

Jones Day to Launch in Dubai With Partner Transfers
Another forward looking article in today's legal news. It illustrates a number of interesting issues. First, Jones Day is taking the plunge into Dubai at a time when it is being described as a ghost town in some press reports. But, this could also be an opportunity because the prices of many things are lower, which is always good in a start up mode. Also, the office is being staffed by moving attorneys from other firm locations thereby attesting to the continuing mobility of the legal profession in the international arena.

SJ Berwin changes focus with Hong Kong launch - 23 March 2009

SJ Berwin changes focus with Hong Kong launch - 23 March 2009
Another forward looking article for a change. There are a number of risks in this move, because, as the article states, SJ Berwin has no prior experience with Asia, and these are difficult times, but, as noted in an earlier post today, there are also many opportunities out there, and they are ripe for the taking for those who have the appetite for them. Let's hope their courage will be rewarded.

UK boutique merges with America's McGuireWoods - 24 March 2009

UK boutique merges with America's McGuireWoods - 24 March 2009
It is refreshing to see an article about something forward looking these days rather than another report of a firm downsizing or, as in the case of Morgan Finnegan, declaring bankruptcy, or Wolf Block, electing to go out of business. Even in these challenging economic times, there are opportunities to pursue, and it is good to be able to comment on the realization of at least one of those opportunities.

NY Firm Continues Push to Open New Global Offices

NY Firm Continues Push to Open New Global Offices
It's nice to see an article about someone doing something other than cutting staff. When it is about forward looking activities, it is even nicer! There are many opportunities out there for those who are brave enough to take advantage of them.

Furloughs May Be Smarter Than Layoffs

Furloughs May Be Smarter Than Layoffs
While not necessarily within the scope of this blog, the topic of this article is highly relevant to the problems many law firms that practice globally or internationally face. Given the cost of attracting, training, and severance packages (if people are terminated), it would seem there must be a better way to deal with the problems facing most firms these days. This article might offer a viable alternative that tends to preserve the investment that most firms make in their attorneys. I should also note that many firms, Orrick is one that comes to mind, say that their staff reductions are not performance related but are driven by economic reality. Thus, the people they are letting go are good people who would have been retained but for the economy. Most of us believe the economy will improve. The question is when, and what do you have to do in the interim until it does.

Law.com - What Message Does Massive Latham Layoff Send?

Law.com - What Message Does Massive Latham Layoff Send?
The question in the headline says it all. Things may be difficult, but are they really this difficult, and what is the future cost of this move?

Latham to cut 440 jobs as workloads plummet - 27 February 2009

Latham to cut 440 jobs as workloads plummet - 27 February 2009
This is a representative article at this point. Many law firms are now starting to make double digit reductions in staff across the board. This was in response to a 21% decline in profits per equity partner ("PEP") from about $2.3 million to $1.8 million. One wonders whether it is possible to get by these days PEP of $1.8 million. The costs of the six month severance packages is certainly not trivial. The cost of training those let go and the cost of rehiring replacements when times get better, as they most certainly will some day, hopefully sooner than later, when coupled with severance costs, would hardly seem to warrant this sort of reaction given the level of profits per equity partner.

Dow Might Be Down, but Stock of One Law Firm Is Up

Dow Might Be Down, but Stock of One Law Firm Is Up
How could a blog like this one not comment on this article? The interesting story will be when the UK firms start to utilize these new capabilities in 2011, just two years from now. The potential impact of that is shown by some of the analysis of the value of some American firms that appears towards the bottom of the article. Many UK firms have significant foreign presences, including in New York. If these firms can amass capital of the magnitude the article suggests might be possible, the New York competitors of these UK firms will be at a significant disadvantage, if they cannot do the same. Thus, these NY firms will either seek some way to do the same or seek some way to keep the UK firms from employing their public ownership capital in New York. That will not be a complete solution, however, because the capital raised through the UK can still be employed elsewhere around the world and will give the UK firms a decided advantage in those markets.

From the Emerald Isle to Down Under, Firms Tightening Belts

From the Emerald Isle to Down Under, Firms Tightening Belts
This article is interesting not so much because it shows that world economic conditions are infecting Ireland as well, we all sort of knew that already, but it shows, once again, the mobility of the legal work force. As jobs in Ireland decline, Irish lawyers are looking to Australia as an opportunity.

Madoff Victims' Lawyers Establish Global Alliance in Madrid

Madoff Victims' Lawyers Establish Global Alliance in Madrid
This is an interesting approach to global legal services. I would call this a special purpose legal network. It will be interesting to see how well it fulfills its purpose and whether it chooses to go out of bushiness when the purpose is fulfilled. It is hard to tell from the article exactly how closely knit the members will be, and what ethical and other issues might evolve from this special purpose network. This concept is something that bears further watching.

Norton Rose US merger is ‘inevitable’ - 23 February 2009

Norton Rose US merger is ‘inevitable’ - 23 February 2009
The Magic Circle firms have long thought that capital markets work was going to be dominated by either New York or London, but not both. That is why many Magic Circle firms have established very significant presences in New York, but not all have done so through a merger. Many New York firms are doing the same in reverse. It seems clear the Magic Circle firms are planning to be ready to jump one way or the other, depending on how the capital markets work shakes out. This Norton Rose article is cumulative to the conventional wisdom, but its significance is that the current economic climate does not seem to have changed the long term outlook.

DLA Piper shows its mettle in Emea, Asia - 23 February 2009

DLA Piper shows its mettle in Emea, Asia - 23 February 2009
Claiming that its solid performance for 2008 represented the benefits of diversity in both "geography and practice," DLA then moves on to make some significant staffing reductions in the UK and in the US. It will be interesting to see how well geographic and practice diversification can shield DLA from the ravages of the current economic climate. My suspicion is that it will not. Firms with better practice diversity may fare better, but geographic diversity can become very expensive when there is a broad scale downturn in business. It is very hard to defend the continued existence of marginal foreign branch offices in difficult economic times.

Profits Plunge 9.6 Percent at NY Leader

Profits Plunge 9.6 Percent at NY Leader
This article indicates that Shearman's results were more dependant on its business mix than on it global presence. This tends to demonstrate that global firms do not enjoy an advantage from their being global when the economic conditions are themselves global. Rather, it is the practice mix that is more important in determining results. The prior post concerning Cravath's results is more support for this conclusion.

Law.com - Cravath Profits Fall 24 Percent

Law.com - Cravath Profits Fall 24 Percent
One of the gold standards of the legal profession has felt the impact of the current economic climate. The article attributes Cravath's problems, at least in part, to lack of geographic diversification. I think this shows a lack of understanding of the Cravath practice. Its clients are geographically diversified, and, for the most part, always have been even if the firm is basically located in New York. The real problem is the lack of Cravath's traditional business. As the article notes, Cravath does not have a bankruptcy practice.

Allen & Overy to Cut Partners, Associates and Freeze Pay

Allen & Overy to Cut Partners, Associates and Freeze Pay
This article is interesting for several reasons. Not only is the size of the staff reduction significant both in number and percent, but there is also a salary freeze. However, in addition, there is also a billing rate freeze, so the clients might get something out of this too.

How Are U.S. Firms Faring in London?

How Are U.S. Firms Faring in London?
Here is another report from London. In the previous post I indicated the situation in New York might be a bit worse than in London. Reading this article, may make you change your mind about that. The trend is down at the moment, and it proves that the "business of law" is not immune from the economic pressures that affect all businesses. There was an interesting article in the New York Times today about the situation in Dubai. Just a few months ago, many firms were opening or expanding offices there, and there was a certain sense that Dubai might be immune from the economic problems that seemed to plague most of the rest of the world. Well, unfortunately, that appears not to be the case, which brings us back to the conclusion that law firms are not immune, even when they are global law firms.

Law.com - Revenue Flat, Profits Down at Skadden, S&C, Davis Polk and Dewey

Law.com - Revenue Flat, Profits Down at Skadden, S&C, Davis Polk and Dewey
Just to give some balance to some of the recent posts about the situation in London, this article gives some rather stark information about the situation in New York. It is about the same or, maybe, even a little bit worse. There is definitely a downward trend in both cities.

Japanese Crack Down on Unregistered Foreign Associates

Japanese Crack Down on Unregistered Foreign Associates
At first, this sounds as if we have some non-economic news for a change, but, reading between the lines, the new interpretation of the Attorney Act is probably a measure to eliminate competition from the foreign firms and compel them to rely more heavily on the domestic firms thereby tending to offset a downturn for those domestic firms. This may not work as not many domestic firms are as well versed in international transactional work as would be needed. Thus, work may move away from Japan whenever possible, which would be self-defeating.

White & Case Freezes London Pay as Profits Fall

White & Case Freezes London Pay as Profits Fall
More dismal economic news from the London market. This just goes to prove that the New York and London markets are much more aligned than many had thought. The news from both markets is largely the same: staff reductions, salary freezes, and other cost cutting measures.

DLA Piper Set to Cut up to 140 in New Round of Layoffs

DLA Piper Set to Cut up to 140 in New Round of Layoffs
The grim news gets more grim with second round staff reductions and other problems. There was also news today that a major NYC law firm, rumored to be Proskauer Rose, pulled out of a deal to lease a major portion of an office building under construction prompting the promoters to put the project on hold.

Crunching Numbers: Impact of Upcoming Layoffs at MegaFirm Becomes Clearer

Crunching Numbers: Impact of Upcoming Layoffs at MegaFirm Becomes Clearer
It looks as if the current economic difficulties are really starting to take hold in London. It will be interesting to see if the large, global, integrated law firm model survives in its current form. It will certainly be necessary to be much more selective in the future.

India Is First Choice for Referrals, Say U.K. Firms

India Is First Choice for Referrals, Say U.K. Firms
An article of this type would not have been possible several years ago. This shows the progress India has made and also the willingness of law firms and clients to outsource legal work to achieve cost savings. It seems as if the ethics issues of outsourcing are now being resolved in a way that is favorable to outsourcing, provided there is competent oversight and control over the process by a qualified attorney. It remains to be seen whether the US firms will follow suit as whole-heartedly as their UK counterparts.

Firm Sharpens Ax for Up to 120 Attorneys and 150 Staffers

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.