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March 6, 2014 |
The world's largest law firms have a lot to be grateful to the Sarbanes-Oxley Act for. Were it not for this timely intervention by the regulators in the wake of the Enron scandal and the subsequent collapse of Andersen, a situation where the biggest law firms were branches of accountancy giants would not be difficult to imagine. The draconian US legislation in 2002 halted the firms' expansion into law and subsequently reversed it as they moved away from providing non-audit services to audit clients. Over the course of the next few years, the remaining big four largely spun off or dissolved their affiliated legal practices with names such as KLegal and Landwell following Andersen Legal into the annals.
By Charlotte Edmond
1 minute read
March 6, 2014 | International Edition
The world's largest law firms have a lot to be grateful to the Sarbanes-Oxley Act for. Were it not for this timely intervention by the regulators in the wake of the Enron scandal and the subsequent collapse of Andersen, a situation where the biggest law firms were branches of accountancy giants would not be difficult to imagine. The draconian US legislation in 2002 halted the firms' expansion into law and subsequently reversed it as they moved away from providing non-audit services to audit clients. Over the course of the next few years, the remaining big four largely spun off or dissolved their affiliated legal practices with names such as KLegal and Landwell following Andersen Legal into the annals.
By Charlotte Edmond
1 minute read
February 20, 2014 |
Associate lockstep is a simple way of making sure that junior lawyers are, by and large, remunerated according to their level of experience and client exposure. And it's easy to see the attraction for law firms given the degree of certainty that comes from knowing exactly how much your associate salary base will cost. The problem is it is also very crude. As many managers will attest, the standard of employees at any level of the lockstep can vary wildly. And while an individual may be outstanding at one part of their job, they may well be lacking in another. A further serious drawback in a tightly controlled system based on the number of years' experience a lawyer has is that there is no easy way to reward those who go the extra mile.
By Charlotte Edmond
1 minute read
February 20, 2014 | International Edition
Associate lockstep is a simple way of making sure that junior lawyers are, by and large, remunerated according to their level of experience and client exposure. And it's easy to see the attraction for law firms given the degree of certainty that comes from knowing exactly how much your associate salary base will cost. The problem is it is also very crude. As many managers will attest, the standard of employees at any level of the lockstep can vary wildly. And while an individual may be outstanding at one part of their job, they may well be lacking in another. A further serious drawback in a tightly controlled system based on the number of years' experience a lawyer has is that there is no easy way to reward those who go the extra mile.
By Charlotte Edmond
1 minute read
January 30, 2014 |
Not being the sexiest of topics, Clifford Chance's (CC) publication last week of a white paper on 'continuous improvement in the legal sector' probably escaped most people's notice. But before you switch off completely, it is worth considering that the magic circle firm's five-year efficiency drive has cut client bills or the amount CC writes off by 15% – more in some cases. The paper, which summarises what CC has learned over the course of the programme, also claims the firm has sped up some projects and processes by 50%. These are the kind of numbers that grab the attention of cash-strapped clients.
By Charlotte Edmond
1 minute read
January 30, 2014 | International Edition
Not being the sexiest of topics, Clifford Chance's (CC) publication last week of a white paper on 'continuous improvement in the legal sector' probably escaped most people's notice. But before you switch off completely, it is worth considering that the magic circle firm's five-year efficiency drive has cut client bills or the amount CC writes off by 15% – more in some cases. The paper, which summarises what CC has learned over the course of the programme, also claims the firm has sped up some projects and processes by 50%. These are the kind of numbers that grab the attention of cash-strapped clients.
By Charlotte Edmond
1 minute read
January 23, 2014 |
From advising on a tranche of Thatcher-era privatisations to helping the Government steer through the banking crisis, recently retired Slaughter and May partner Charles Randell has had an eventful 33 years at the magic circle firm. Charlotte Edmond finds out about his highs and lows
By Charlotte Edmond
1 minute read
January 23, 2014 | International Edition
From advising on a tranche of Thatcher-era privatisations to helping the Government steer through the banking crisis, recently retired Slaughter and May partner Charles Randell has had an eventful 33 years at the magic circle firm. Charlotte Edmond finds out about his highs and lows
By Charlotte Edmond
1 minute read
January 16, 2014 | International Edition
Any law firm manager elected or re-elected in the middle of the last decade probably faced a similar dilemma to Clifford Chance's David Childs: voted in during a boom, these leaders found their roles re-cast as the economy took a dramatic turn for the worse. As many managing partners over recent years will attest, leading a firm through a downturn is certainly a test of mettle, forcing them to take hard decisions about resources and costs that were more easily swept under the carpet during the more forgiving reigns of their predecessors. For Childs, this meant a partnership restructuring and staff cuts among several other unpopular measures, as he attempted to keep CC's turnover and profits on the right trajectory. But as Childs prepares to hand over to managing partner-elect Matthew Layton in the coming months, it is clear that the incomer also has some hard decisions to make, despite taking over in a more positive market.
By Charlotte Edmond
1 minute read
January 16, 2014 |
Any law firm manager elected or re-elected in the middle of the last decade probably faced a similar dilemma to Clifford Chance's David Childs: voted in during a boom, these leaders found their roles re-cast as the economy took a dramatic turn for the worse. As many managing partners over recent years will attest, leading a firm through a downturn is certainly a test of mettle, forcing them to take hard decisions about resources and costs that were more easily swept under the carpet during the more forgiving reigns of their predecessors. For Childs, this meant a partnership restructuring and staff cuts among several other unpopular measures, as he attempted to keep CC's turnover and profits on the right trajectory. But as Childs prepares to hand over to managing partner-elect Matthew Layton in the coming months, it is clear that the incomer also has some hard decisions to make, despite taking over in a more positive market.
By Charlotte Edmond
1 minute read
Law firms & in-house legal departments with a presence in the middle east celebrate outstanding achievement within the profession.
The premier educational and networking event for employee benefits brokers and agents.
The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.
A large and well-established Tampa company is seeking a contracts administrator to support the company's in-house attorney and manage a wide...
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We are seeking an attorney to join our corporate and transactional practice. Candidates should have a minimum of 8 years of general corporat...
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
