Law.com - Shearman & Sterling Hikes London Associates' Pay by 7 Percent
As this article indicates, unless some of the other major firms in London follow suit, there is likely to be a differentiation in salary levels between Shearman and some of it peer firms. It will be interesting to see how this plays out and whether the peers can hold the line or Shearman will back off.
Wednesday, April 30, 2008
Tuesday, April 29, 2008
Law.com - Capitalism in China Called a 'Work in Progress'
Law.com - Capitalism in China Called a 'Work in Progress'
Having just returned Sunday from my third trip to Beijing in less than 18 months, I must agree with most everything stated in this article. However, the situation is so dynamic in China these days, there are really no hard and fast rules and the real need is to be flexible and adaptive in pursuing the numerous opportunities that would seem to exist in China as it moves into the forefront of the 21st Century from Middle-Ages feudalism.
The pace of change in China is so rapid, there are bound to be mistakes, some of which might turn out to be very costly to correct once they are discovered, if correction is possible. One example is the way whole urban areas have been torn down to make way for new construction. Once historic buildings are destroyed, they cannot be replaced, but historic preservation impedes progress, and progress is the main goal these days.
Despite the continuation of the label of the Communist Party, it is in many respects communist in name only. It is an institution that can govern, and that, it seems to me, is its main purpose now governance. It is becoming more capitalist in most respects than most of us would have believed was possible even a few years ago. As an example, in a conversation about a year ago with a senior Communist Party official, he said, "My predecessors ruled with guns. I rule with lawyers." Of course, he might have been trying to impress me as a lawyer, but I think he truly understood the need for progressive laws that fostered creativity and innovation.
Chinese business is very adaptive, and the Chinese people are entrepreneurial at their core. Perhaps the most important trend in China that we need to monitor is the Chinese plan to become the factory of the world. This means there are many opportunities for lawyers in China, both domestic and foreign. China has an emerging legal profession, which is rapidly, achieving a high level of competence. Perhaps some of the best opportunities for lawyers exist in the secondary and tertiary cities rather than in the main cities. The most rapid growth, and the greatest need exist in those cities, but there are virtually no significant bodies of lawyers there. China is reasonably hospitable to foreign lawyers, and probably will be for some time as the need is great and cannot be met domestically.
Having just returned Sunday from my third trip to Beijing in less than 18 months, I must agree with most everything stated in this article. However, the situation is so dynamic in China these days, there are really no hard and fast rules and the real need is to be flexible and adaptive in pursuing the numerous opportunities that would seem to exist in China as it moves into the forefront of the 21st Century from Middle-Ages feudalism.
The pace of change in China is so rapid, there are bound to be mistakes, some of which might turn out to be very costly to correct once they are discovered, if correction is possible. One example is the way whole urban areas have been torn down to make way for new construction. Once historic buildings are destroyed, they cannot be replaced, but historic preservation impedes progress, and progress is the main goal these days.
Despite the continuation of the label of the Communist Party, it is in many respects communist in name only. It is an institution that can govern, and that, it seems to me, is its main purpose now governance. It is becoming more capitalist in most respects than most of us would have believed was possible even a few years ago. As an example, in a conversation about a year ago with a senior Communist Party official, he said, "My predecessors ruled with guns. I rule with lawyers." Of course, he might have been trying to impress me as a lawyer, but I think he truly understood the need for progressive laws that fostered creativity and innovation.
Chinese business is very adaptive, and the Chinese people are entrepreneurial at their core. Perhaps the most important trend in China that we need to monitor is the Chinese plan to become the factory of the world. This means there are many opportunities for lawyers in China, both domestic and foreign. China has an emerging legal profession, which is rapidly, achieving a high level of competence. Perhaps some of the best opportunities for lawyers exist in the secondary and tertiary cities rather than in the main cities. The most rapid growth, and the greatest need exist in those cities, but there are virtually no significant bodies of lawyers there. China is reasonably hospitable to foreign lawyers, and probably will be for some time as the need is great and cannot be met domestically.
Law.com - Vinson & Elkins Bolsters New York, Global Offices
Law.com - Vinson & Elkins Bolsters New York, Global Offices
There are two significant trends illustrated in this article. The first is the mobility of legal talent: note that partners and associates are relocating to a number of locations, including international locations. The second it the realignment of the practice along global lines rather than regional or local lines.
There are two significant trends illustrated in this article. The first is the mobility of legal talent: note that partners and associates are relocating to a number of locations, including international locations. The second it the realignment of the practice along global lines rather than regional or local lines.
Legal Blog Watch
India's Biggest Law Firm?
This is a very interesting blog post that gives a good overview of the status of India's legal outsourcing industry, which the article states is being increasingly used by both law firms and large corporate clients alike. When I was in India recently, I had the opportunity to meet briefly with a co-owner of a legal outsourcing firm. He was a bright, aggressive young Indian lawyer who was also admitted in New York. He unabashedly claimed that Indian lawyers were the best common law lawyers in the world. Curiously, most of his staff were not Indian lawyers, which is what this article seems to confirm as well. Earlier this year, when I spoke at the Presidential Summit on the globalization of legal services at the New York State Bar Association Annual Meeting, one of my co-panelists, St. John's Law School Dean Mary Daly, suggested that legal outsourcing needed to be seriously considered. However, she also said it would be necessary to vet the outsourcing firm very carefully, including, possibly actually visiting the firm before using it, which is something the author of the above blog post apparently did as well. Legal outsourcing is an area that bears much closer scrutiny. Also, it would be wise to try to collect and share experiences users have had, especially information about the ethical issues involved and how they were resolved.
This is a very interesting blog post that gives a good overview of the status of India's legal outsourcing industry, which the article states is being increasingly used by both law firms and large corporate clients alike. When I was in India recently, I had the opportunity to meet briefly with a co-owner of a legal outsourcing firm. He was a bright, aggressive young Indian lawyer who was also admitted in New York. He unabashedly claimed that Indian lawyers were the best common law lawyers in the world. Curiously, most of his staff were not Indian lawyers, which is what this article seems to confirm as well. Earlier this year, when I spoke at the Presidential Summit on the globalization of legal services at the New York State Bar Association Annual Meeting, one of my co-panelists, St. John's Law School Dean Mary Daly, suggested that legal outsourcing needed to be seriously considered. However, she also said it would be necessary to vet the outsourcing firm very carefully, including, possibly actually visiting the firm before using it, which is something the author of the above blog post apparently did as well. Legal outsourcing is an area that bears much closer scrutiny. Also, it would be wise to try to collect and share experiences users have had, especially information about the ethical issues involved and how they were resolved.
Monday, April 28, 2008
Law.com - Linklaters Top Brass Review Eastern Europe Network
Law.com - Linklaters Top Brass Review Eastern Europe Network
There are a number of potentially interesting trends in this article. As local firms start to evolve into significant legal resources, the availability of a potential "best friend" mitigates against the need to have a low profitability office in the jurisdiction. Also, as in the case of Freshfields' Cologne office, the desire for independence in local markets also mitigates against the presence of an office. Linklaters is obviously alert to this issue as it seems willing to restructure the payment status of its German partners, but increasing their cost to the firm will, of course, mitigate against their profitability.
There are a number of potentially interesting trends in this article. As local firms start to evolve into significant legal resources, the availability of a potential "best friend" mitigates against the need to have a low profitability office in the jurisdiction. Also, as in the case of Freshfields' Cologne office, the desire for independence in local markets also mitigates against the presence of an office. Linklaters is obviously alert to this issue as it seems willing to restructure the payment status of its German partners, but increasing their cost to the firm will, of course, mitigate against their profitability.
Law.com - White & Case Boosts Hong Kong Practice With Lovells Finance Team
Law.com - White & Case Boosts Hong Kong Practice With Lovells Finance Team
Here is another illustration of the increasing mobility of legal talent in the international practice arena.
Here is another illustration of the increasing mobility of legal talent in the international practice arena.
Tuesday, April 22, 2008
Law.com - Shearman Parts With 30-Lawyer German Office
Law.com - Shearman Parts With 30-Lawyer German Office
This is interesting, but not necessarily surprising, news.
This is interesting, but not necessarily surprising, news.
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