Law Firm Management

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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The future in your hands

By a:1:{i:0;s:1:" ";} | March 19, 2008

Contemplating an office move generates a long list of key considerations. What the considerations are will depend on who you ask. Most important for the managing partner or chief executive of a law firm may be location. Rent and moving costs will drive the financial director; ease of maintenance will spur on the facilities manager and the quality of environment will influence human resources. In all cases, this is a 15 to 25-year decision and cost will always be high on the agenda; increasingly, so will energy efficiency. It will not have escaped anyone's attention that energy saving is at the top of the political agenda. In fact, every premises is about to be assessed for its environmental performance. At a time when corporate social responsibility has never been more important, law firms must know their responsibilities and embrace opportunities that allow them to improve their performance beyond the regulatory minimum.

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Ahead of the game

By a:1:{i:0;s:1:" ";} | March 19, 2008

A quick glance at a recent job advert for a director of knowledge at a large London firm succinctly demonstrates the main elements of the relationship between knowledge management (KM) and training: "The successful candidate will be expected to develop a comprehensive know-how and training strategy; and to support practice team lawyers through training, know-how and systems for leveraging knowledge." Put another way, the job description envisages an interdependence between the firm's knowledge strategy and its provision of learning and development if both (or either) are to be effective. Indeed, an overarching knowledge strategy can provide the context in which learning and development programmes are designed and run, while training is an essential part of the rollout of knowledge management improvements if they are to be understood and put into practice by fee earners as planned.

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The American Lawyer

Search Begins for Latham's Next Leader

By Scott Flaherty | March 22, 2018

As Latham & Watkins grapples with the sudden departure of its chairman amid misconduct allegations, who could be next to take the helm?

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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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