PT GC - Sometimes you just want some ice cream without having to build a Dairy Queen in your house. And sometimes you just want some legal advice without having to employ a full-time GC or legal department. That’s where “fractional” GCs come in. As Law.com’s Maria Dinzeo reports, a number of veteran legal chiefs are, after years of running corporate legal departments, choosing to hang their shingles. For a fee, they offer both legal counsel and strategic business advice to companies that aren’t ready to hire a full-time GC, but still need the support of an in-house lawyer to negotiate vendor agreements, handle employment issues, or help mitigate business risk.
DEVELOPMENT DAMAGE - The drop in M&A and capital markets deal work in the last year is having ripple effects throughout law firms. Big Law profits are down and some partners don’t have enough work to keep busy. But, as Law.com’s Christine Simmons writes in this week’s Barometer newsletter, another growing concern is the long-term effect on associates, including lack of training and development. “If the continued drop in dealwork plays out for the rest of 2023, there may be lasting repercussions for associates and their law firms—beyond the drop in profits,” Simmons writes. “Each class will not benefit from the training their peers above them had, even if firms conduct layoffs to winnow down associate class sizes.” To receive the Law.com Barometer directly to your inbox each week, click here.
