‘In the event of a recession, the lawyers will be fine. They always are. Unless you work at Ince.’
Reflecting now on this remark made by a senior contact last August, it is clear that the writing has been on the wall for Ince for quite some time and that its parent company, Ince Group, going into administration was probably the only realistic outcome of this sorry saga. Continue reading “Cautionary tales: The downfall of Ince – a lesson in how not to run your law firm”
David Burgess, publishing director of The Legal 500, asks David Stark, chief legal officer at Teva Pharmaceuticals, and Trevor Faure (pictured), chief executive of Smarter Law Solutions, for their views. Warning – this may make for uncomfortable reading
In 2020, Teva Pharmaceuticals conducted a law firm selection process unprecedented in scale and sophistication within the profession (see ‘On notice: Teva’s entire $330m legal spend could go to one law firm’, The Legal 500, Summer 2019). Despite deploying ground-breaking quality vs cost correlation analysis, selection also involved the traditional panel interview meetings when two dozen of the world’s top law firms met Teva’s legal management team to pitch their propositions, with surprising and salutary results. The cutting-edge, data-driven selection methodology Teva used is well-founded (see ‘Harvard Law The Practice – Smarter Relationships in Legal Services’, November/December 2019) so instead, here are a dozen entirely unscientific but equally compelling approaches for winning business at the face-to-face selection stage. These findings are not the result of rigorous research, merely the bemused observations about what actually took place in these decisive meetings, ie, this stuff really happens. Continue reading “A wholly subjective (but nonetheless definitive) guide to law firms from a $300m client on how to make a successful pitch*”
‘We already have a strong European offering and our current expansion plans are centred on partner-level and team hires that support us in providing our clients with the best possible industry and subject matter experts.’ Tamara Box, Reed Smith
To mark the launch of our 2023 Global London analysis, we ask senior figures at leading US firms for a progress report
This comment piece has been updated to reflect an announcement late on Thursday (2 March) that merger talks between Shearman & Sterling and Hogan Lovells have been called off. In a joint statement, the firms said: ‘As has been widely reported, our firms have been in preliminary and exploratory conversations regarding a possible combination. After careful consideration, we have mutually agreed that a combination at this time is not in the best interest of either firm. We have been deeply impressed with each other’s business, practices and people and wish each other continued success.’
It’s funny how the market gets about law firm mergers. Ringing around various senior lawyers for a hot take on what they thought of a Shearman & Sterling and Hogan Lovells tie-up, most were pretty scathing.
‘A merger of losers’ and ‘a combination of mediocre and mediocre’ were just two pejorative remarks being flung around the Square Mile. Few were kind. Now that the dust has settled on the idea, and I hold my hand up to playing devil’s advocate on this one, these initial reactions strike me as a little churlish. Continue reading “Shearman and Hogan Lovells – better the devil you don’t”
Looking at the recent wave of departures from Travers Smith brings to mind fears expressed by peers when we last did a major analysis of the firm back in 2019.
Four years ago, harbingers of doom were quick to jump on the perceived threat to such a UK-centric firm amid Britain’s exit from the European Union. Noted one corporate partner at a US firm at the time: ‘If profit starts to fall post-Brexit, what do you do with Paul Dolman? If Paul left, it would be a killer blow. He is talismanic.’ Continue reading “Stopping the bleeding at Travers will require hard-won loyalty and a pay overhaul”
‘Profitable organic development is still possible for us, but this isn’t the case for firms in some foreign markets – some cannot grow any further.’ Didier Martin, Bredin Prat
As part of our annual Euro Elite report, management at independent firms in Europe give their views on today’s market challenges
While Legal Business is not the type of publication to force a tenuous link in order to make a feature topical, isn’t it timely that our Global 100 analysis on law firms structured as Swiss Vereins – ‘Capture the flag’ – coincides with the football World Cup of FIFA (also a Verein)? Continue reading “Much snootiness still remains, but the Vereins are actually fine”
It is a treacherous business, making market predictions for the year ahead. Too conservative and the pundit is guilty of clinging to the ‘cautiously optimistic’ soundbite, which is the ultimate in fence-sitting and has become one of the most banal phrases in legal industry history. Too adventurous and you run the risk of being over-zealous in predicting market-altering developments.
Of course, it is better to take a stab rather than be accused of being non-committal. Continue reading “A bonanza year for the Global 100 – is the table about to turn?”
‘The profitability of firms operating in the US is very high. If that continues to grow not least because the exchange rate has weakened our ability to be dollar-profitable, then sure it’s going to change how people look at investments.’ Tamara Box, Reed Smith
Global 100 leaders and corporate stars give their prognosis on how the market will shape up in 2023
It is always educational and entertaining to view how the industry has evolved through the eyes of those veterans who lived it, and this – the 30th anniversary of the LB100 – presented the perfect opportunity to do that.
Some of the recollections from pundits on the 1990s speak of a time that appears far more archaic than seems likely of a mere three decades ago. RPC managing partner James Miller’s observation is a case in point: ‘When I joined RPC in 1995, we had a bunch of disconnected terminals, and we still had typewriters. You could also still smoke in the office – we had enormous ashtrays everywhere!’ Continue reading “30 years of LB100 – So much has changed but also shades of déjà vu”
