Are you selling judgement or process? Few modern law firms can excel at both

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Charlie Geffen argues the legal market is segmenting between two diverging arenas

A few years ago the general counsel of one of the big banks told me that they only went to outside law firms for three reasons.

First to get advice on what to do. That could be on a deal, a dispute or some other objective of the bank. It requires senior time and is not particularly price sensitive. Let’s call that ‘advisory work’.

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Keeping up with Ross and Kim – the work to do on shaping the legal stars of tomorrow

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CC’s David Bickerton says the profession is yet to master training the lawyers of the future

New entrants to the legal profession will be competing head on against Kim, the virtual assistant from Riverview Law, and Ross, IBM Watson’s ‘super-intelligent’ attorney, in delivering services to clients. Ross, unlike most of us, has the ability to research every resource of legal knowledge in seconds, and, even more impressive to the older ones among us, remember it.

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The last word – Swoop to conquer

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With the publication of our annual Global London report, leading figures at US law firms in the City weigh up a volatile market


COMPELLING ALTERNATIVES

‘Global corporates, wherever they are headquartered, are increasingly recognising that we provide the same depth and quality as the Magic Circle in London but also with a global platform that extends into the US. Outside of the US, it is comparable with the Magic Circle. When you put that proposal to a global corporate, then we can provide a compelling alternative as we can speak in English and American accents.’

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Too many reasonable men? What ails law firm leadership

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As two of the most highly regarded leaders in the Square Mile – David Morley at Allen & Overy (A&O) and Chris Saul at Slaughter and May – prepare to hand over, it’s an apt moment to reflect on the state of leadership at leading UK law firms.

It’s not clear that what emerges from the profession is all that flattering. Governance has professionalised and become more technocratic, yes. There are more senior non-lawyer managers, though given the industry’s propensity for paying for top dollar for mediocre support staff with ill-defined authority and accountability, it’s debatable that this is a yardstick of success or sophistication.

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BLP/Greenberg: unique, compelling, bloody difficult

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In the age of the anodyne corporate law firm, you can at least say a marriage of Berwin Leighton Paisner (BLP) and Greenberg Traurig would be a distinct beast. If the talks are successful, it would be the first major international deal built on the foundation of real estate.

It would also be the first financially integrated US/UK tie-up of any consequence for years, given that the pair have ruled out a verein-based semi-merger. Both points look in favour of the marriage: there is a place in the global legal market for a real estate-heavy player and on the evidence of the last five years, the multi-profit centre unions have been indifferent performers.

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From Chancery Lane to Waterloo – it’s time for the Law Society’s levy to go

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There is a reason that the slogan ‘No taxation without representation’ has echoed through history. The rally cry of the American revolution demonstrates a basic truth that institutions and figures of authority hitting up constituencies for money without broadly representing their interests are in the long run asking for trouble.

On that yardstick, the Law Society has been asking for trouble for many years and it looks like it has finally got it as the Conservative government threatens to finish the job Labour started with the Legal Services Act and end the body’s ability to levy fees on the profession.

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Here we must run, just to stay in place – what it takes to be a law firm partner in 2016

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Macfarlanes’ Charles Martin reflects on the paradoxes facing the modern partner

I confess the analogy is not perfect, but reflecting on the bizarre and often contradictory pressures on partners in law firms today brings to mind the world of Alice in Wonderland. Today, many question the appropriateness of the partnership model itself. They certainly question the strange, often opaque feudal master/servant process by which the aspiring lawyer serves their apprenticeship. They then work (following the white rabbit down the hole past many locked doors) until they leave all caution behind and take the option of partnership – a bit like Alice eating the cake with ‘EAT ME’ written on it. Readers of the story will know that the result is Alice growing to such a tremendous size that her head hits the ceiling! The analogy is maybe not so imperfect after all.

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It’s high time we moved on – why legal education fails the key test

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Nigel Savage argues that legal education is falling further behind the realities of the industry

Let’s get this in context right off the bat. The Training for Tomorrow proposals by the Solicitors Regulation Authority (SRA) represent the most radical change in legal education for over 20 years. When one considers the massive structural changes in the legal services market in recent years, which have been covered extensively in these pages before, we are faced with a unique situation. The legal services sector has moved on and is tackling fundamental issues provoked by a combination of market forces, regulatory changes and the impact of technology. The SRA needs to reflect that environment within the new test of knowledge and competence (the mooted Solicitors Qualifying Examination (SQE), which is billed as a means of raising professional standards and allowing more flexible routes to qualification). It is, however, constrained by the contradiction of a regulatory framework based as much on historic and largely outdated concepts of ‘reserved’ activity and the reality that a huge proportion of the work that takes place in the market (particularly the City) is not reserved and therefore doesn’t require solicitor status. Even where it is reserved, others can often deliver it at a much lower cost.

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The Last Word: Divide and conquer

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We canvassed City partners and in-house counsel for their views on the Law Society and the state of representation in the profession


LATE TO THE PARTY

‘I endorse what the Law Society is doing, particularly chief executive Catherine Dixon. What she’s doing to try to boost representation for the in-house community is laudable and to be encouraged. The difficulty it’s got is that it came to the game slightly later than others and it would admit that. If you look at the number of bodies and institutions that are there to assist in-house, they’re competing and therefore it makes life more difficult. My limited experience is the Law Society is doing the right thing. We would support them but there’s a long way to go.’

Robert Ivens, head of legal, Marks and Spencer

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What did Brussels ever do for us? The lawyerly view on Brexit

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Classicists holding to the maxim ‘first, do no harm’ will be looking in dismay at the debate on the UK leaving the EU. Because – perhaps less than six months ahead of the historic vote over the UK quitting the EU – it is still entirely unclear what the public will be voting for as the exit option.

There are four relatively mainstream paths in the event of Brexit, all fraught with challenges and uncertainty, as we address in this month’s Insight with Herbert Smith Freehills. But at heart, the out campaign is split between two camps: the protectionist conservatives looking to clamp down on immigration and reclaim sovereignty and the free marketeers dreaming of casting off the dead hand of Brussels diktat to reboot Britain as Singapore x 10. Not only are both positions in fundamental conflict but neither seems politically realistic, especially given that British regulation is generally as restrictive as EU equivalents.

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