Law Firm Management

The long goodbye

By a:1:{i:0;s:1:" ";} | May 14, 2008

The detail contained within a law firm's partnership deed, including that of limited liability partnerships (LLPs), has enormous influence on the retirement process. Worded appropriately, it can minimise the potential for dispute. The treatment of partners' current and capital accounts, not to mention precise exit arrangements, is key. This article focuses on the main issues that the partnership should address when partners or members retire, and also highlights factors that the individual should review.

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Working the room

By a:1:{i:0;s:1:" ";} | May 7, 2008

"I don't do marketing, selling or business development. I am a professional, a lawyer, an expert and specialist who does a great job, so the referrals will come." You simply cannot prosper if you have that attitude. It is time to wake up; it is the 21st century, and even the supermarket is moving in. You all know about 'Tesco Law' and the Legal Services Bill. You simply cannot play ostrich if you want to succeed. The competition is hotting up and if you want to keep your slice of the cake you have to rethink your position: any business could be preparing to muscle in on your profession.

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The price is right

By a:1:{i:0;s:1:" ";} | April 30, 2008

Although just a snapshot of the way in which professionals approach the delicate issue of pricing legal work for clients, a recent survey of 260 transactions at a leading mid-market law firm revealed that 72% of quotes were under the final amount billed, by an average of 21%. An additional 12% was also written off before the client's bill was submitted.

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The right fit

By a:1:{i:0;s:1:" ";} | April 23, 2008

"Why are we here?" asks Dan Wilkins, director and head of London law firm recruitment at Hays Legal - a valid question, given the time (8.30am) and the bleary eyes around the table. Testament to law firms' appetites to hire and keep the best people, human resources (HR) managers recently met up to discuss recruiting and retaining assistants at top City law firms. The Legal Week roundtable discussion, held in association with Hays Legal and following up on the Legal Week Assistant report last year, saw some lively debate - despite the early start - on topics from CV-checking to the ethics of headhunters

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Time to change

By a:1:{i:0;s:1:" ";} | April 23, 2008

Over the last few years I have asked law firm partners how they would manage differently if they were not billing by the hour. The question was met by intrigue to say the least, but all concluded with much certainty that "this will never happen". Nonetheless, in response to client demands, large law firms are indeed starting to offer alternatives to hourly billing, including fixed fees and success fees, and it is likely that others will follow suit in order to stay competitive. The Legal Services Act is set to further reshape the competitive landscape of legal advice, giving clients more options in the pressure to reduce their legal budget.

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Connect for success

By a:1:{i:0;s:1:" ";} | April 16, 2008

Until recently, most law firm leaders have successfully juggled their producer and manager roles, succeeding in both getting the work done and motivating the law firm's professionals. However, the current environment is much more competitive and challenging than ever before. Not only do clients and associates expect more, issues of size and increasing corporatisation, geographic coverage, and mergers and acquisitions that rarely deliver the expected value have added significant complexity. So, too, has the trend in some sectors for industrial organisations to enter the professional services arena.

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Protected species

By a:1:{i:0;s:1:" ";} | April 16, 2008

Earlier this month HSBC admitted that it had lost a computer disc holding information on 370,000 life insurance customers. The banking group, which faces a potential investigation by the Financial Services Authority (FSA) as a result, was just the latest in a growing list of private and public sector organisations to have lost personal data. The most high profile case so far involved HM Revenue & Customs, which lost discs containing the country's entire child benefit database. These covered some 25 million claimants and included bank and building society details.

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The legal security blanket

By a:1:{i:0;s:1:" ";} | April 16, 2008

Law firms the world over have founded their success on the maxim 'knowledge is power'. By the very nature of their business, lawyers occupy an enormously privileged position, being privy to the confidential documents, private conversations and sensitive information essential to commercial life. Yet with great power comes great responsibility, especially as we move into a position where the bulk of this information takes electronic form.

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Rules of engagement

By a:1:{i:0;s:1:" ";} | April 9, 2008

Cost cutting has recently risen up the agenda at many law firms, for obvious reasons. If transactional work slows then staffing levels may need to be reviewed. Efforts to keep fee earners happy may also dwindle as the job market slows, and opportunities to jump ship are limited. However, taking rash staffing decisions or becoming complacent in talent retention during a downturn is the wrong path to follow, and could cause damage in the longer term. Remuneration will always be a key element when trying to attract and retain talented lawyers. In an unstable economic environment, salary increases and bonus payments may get squeezed and cannot be relied on to keep staff satisfied. In addition, the forthcoming round of promotions may bring disappointment as fewer opportunities occur. Aspiring stars may have to wait another year or more until there is greater confidence and certainty in the market.

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Show your soft side

By a:1:{i:0;s:1:" ";} | April 2, 2008

David Mellor famously said of lawyers: "Lawyers are like rhinoceroses - thick-skinned, short-sighted and always ready to charge." Whether you agree with this rather unflattering assessment of the legal profession, there is perhaps one thing that rings true from this analysis - lawyers operate in a tough, competitive and cut-throat environment where they need to be thick-skinned business people in order to succeed.

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Daily Report Online

Fisher & Phillips Launches Lobbying Subsidiary Amid 'Weinstein Effect'

By Meredith Hobbs | March 22, 2018

With leadership based in Sacramento and Philadelphia, FP Advocacy will focus on federal regulation and California, where almost two-dozen antisexual harassment bills are before the state legislature.

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Daily Report Online

Revenue, Partner Profits Jump at Morris Manning & Martin

By Meredith Hobbs | March 22, 2018

Managing partner Louise Wells attributed big leaps in revenue and profit to second-generation partners coming into their own at the 41-year-old firm.

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The American Lawyer

GE Inks Legal Outsourcing Deal With UnitedLex, Eying Big Savings

By Miriam Rozen | March 22, 2018

UnitedLex says the agreement will help GE shave 30 percent off its legal spend in areas ranging from e-discovery and document review to litigation and operations.

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The American Lawyer

Latham Had 'No Choice' but to Remove Voge, Industry Watchers Say

By Lizzy McLellan | Christine Simmons | March 21, 2018

Bill Voge's quick ouster was critical for the firm, lawyers and PR professionals said, especially as the industry adjusts to the heightened scrutiny of the #MeToo era.

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Connecticut Law Tribune

Conducting a Workplace Investigation After a Sexual Harassment Claim

By Arthur L. Raynes and Brian Byrne | March 21, 2018

This article explores the investigation process and highlights some areas of legal concern for any investigator.

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The American Lawyer

Fallen Latham Chair Bill Voge Rose From Iowa Farm to Big Law Pinnacle

By Scott Flaherty | March 21, 2018

Bill Voge's life story seemed like the quintessential American dream, as he followed a trajectory from Iowa farm boy to the top of Latham & Watkins before he abruptly resigned amid misconduct allegations.

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The American Lawyer

Kirkland Overtakes Latham as World's Biggest Firm by Revenue

By Roy Strom | March 21, 2018

There's a new leader atop the Am Law 100. Kirkland & Ellis has surpassed Latham & Watkins as the world's largest law firm, as determined by gross revenue.

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Pro Mid Market

Communication Can Make All the Difference for Millennials

By Kristy Bourgeois | March 21, 2018

We all have a tendency to fall into our preferred methods and styles of communicating, but doing so may mean we end up missing excellent opportunities to reach across the generational divides.

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Pro Mid Market

The Behavioral Health Crisis Among U.S. Lawyers: It's Time to Take Action

By Gina F. Rubel | March 21, 2018

As lawyers, we pledge that fiduciary duty to our clients, to act in their best interests, to proceed prudently, to solve their complex problems and to help them avoid future issues. But who's taking care of the lawyers?

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International

CMS Dismisses Singapore Managing Partner, Reports Matter to UK Regulators

By Rose Walker | March 21, 2018

The firm cited "serious sensitivities" and picked corporate partner Toby Grainger to take over as Singapore head.

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