Leadership and innovation – Visionaries, politicians and survivors

In today’s ultra-competitive legal market, the thin line between success and failure hinges on the quality of a firm’s leadership. LB teamed up with Berwin Leighton Paisner to investigate what separates the truly visionary from the merely ordinary.

There was a time, not that long ago, when running a law firm didn’t require a huge amount of thought. The money came through the front door and the increasing profits went out the back. Clients rarely moved. Partners stayed in one place and, barring a few dishonourable exceptions, law firms rarely failed. Compared to the pressures that their counterparts in other industries faced, law firm leaders had it easy.

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Leadership and innovation – Profession, disrupt thyself?

The Innovator’s Dilemma has become arguably the most influential business book of the last 20 years and is often cited as a key text for a profession facing unprecedented challenges. Legal Business assesses its relevance to global law.

‘The picture… is truly that of an innovator’s dilemma: the logical competent decisions of management that are critical to the success of their companies are also the reasons why they lose their positions of leadership.’
Clayton Christensen, The Innovator’s Dilemma Continue reading “Leadership and innovation – Profession, disrupt thyself?”

Leadership and innovation – The partnership dilemma

Demanding clients, advancing tech and a tough economy have ushered in intense pressure for law firms to change. Can law firm leaders press their institutions to adapt or does the partnership model fundamentally block innovation?

Steve Jobs, the late co-founder, chairman and chief executive of Apple, once remarked that ‘innovation distinguishes between a leader and a follower’. This is a sentiment that could easily be applied to the modern legal market, where clients have been increasingly vocal in demanding a more imaginative approach to legal services and the most progressive law firms are trying to find new ways to stay ahead of the competition. Although we are unlikely ever to see the equivalent of the iPhone, there is plenty of room for a visionary law firm leader.

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Disputes overview: Martial Law

The post-banking crisis boom in litigation has put disputes work back at the centre of global law. As the economy recovers, can it last?

Six years on from the financial crash and at least four years since many of the City’s leading litigation departments began giving their transactional counterparts a run for their money, one could be forgiven for wondering if doubts are creeping in over the sustainability of that progress.

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Perspectives: Simon Davis, Clifford Chance

When I was at school trying to figure out what to study at university, the school organised a series of individuals to give us a talk. They were all fine – from major multinationals and different industries – but none of them made me think: ‘Wow, this is what I want to do with my life.’ It wasn’t until a solicitor from Woking turned up – a specialist in criminal law – and he was hilarious. He was the only one who was enormously enjoying what he was doing. That was the first inkling that work could be enjoyable.

You wonder about becoming a solicitor or a barrister. I knew if I went the barrister route – which would have worked quite well since I like the sound of my own voice – if I failed as a barrister, I would be stony broke. If I failed as a solicitor, at least I could pay my expenses along the way. Also, the barrister profession can be quite a solitary existence compared to solicitors meeting clients. My personality led me to being a solicitor. I made the right choice. Continue reading “Perspectives: Simon Davis, Clifford Chance”

Perspectives: Jan Paulsson, Three Crowns

I didn’t start school until I was 13. I grew up in Liberia and it was wonderful growing up in the jungle because there were no schools! But my parents were increasingly nervous about how they were ‘mistreating’ their only son and told me I had to go to school. They had previously taken me to Sweden but having grown up in West Africa I didn’t care for Sweden’s winters very much. So they found some people in Los Angeles who would take me in, and I started in a public high school. Later, I would go to Harvard and Yale.

I started practising law in 1975 not having any idea of what I was doing. I began my career at Coudert Frères in Paris and like most people starting off, I didn’t know long I would do it, or whether I liked it, and whether Paris was the right city for me. I had no idea what practising law, or arbitration, was all about. My arrival coincided with a crisis for one of the clients in the firm – there was a dispute between the Libyan American Oil Company and the Libyan government. The concession agreement called for international arbitration under principles common to Libyan law and international law. I had studied international law at Yale and right off the bat the senior partner walks up the hall and asks if there was anybody who had studied it. That was the start – I never did anything else.

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Perspectives: Gary Born, Wilmer Cutler Pickering Hale and Dorr

I grew up on a military base, I was an army brat in what was then West Germany, and they didn’t need lawyers; they had commanding officers and lieutenants.

I went to university in the US and happily studied history and religion. I thought being the professor was what I wanted to do. In my last year, my faculty announced a freeze on hiring and liberal arts education was in a bit of a crisis. So, with all other options ruled out, I decided to go to law school.

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Leader

The launch of Legal Business’s debut Disputes Yearbook is just one of many signs of how dramatically the dynamics of the global law game have changed over the last decade. While our lead article, Martial Law, assesses whether the dramatic rise of the contentious lawyer has reached a post-Lehman plateau, there is no sign of litigation returning to the near backwater it was becoming at many City firms in the early 2000s.

It’s possible that a stabilising global economy will have an impact on this counter-cyclical business, but in truth pure crisis-related commercial disputes work has under-shot expectations and manifested with a greater time lag than many expected.

As such, many of the underlying factors strengthening the hand of contentious lawyers such as increasingly proactive regulation and enforcement, the rise of global arbitration in a multi-polar world and the relative patchiness of M&A and securities work show no signs of abating.

Glancing at the headline financials on the litigation teams at major commercial law firms, it’s obvious that it is now common for disputes teams to exceed firm-wide profitability by a good margin, probably in part because litigation teams rarely benefited from the over-investment seen in corporate practices at firms with delusions of M&A grandeur. Continue reading “Leader”

News in brief – October 2014

LORD CHANCELLOR ACTED ‘UNLAWFULLY’ IN LEGAL AID CONSULTATION

Kingsley Napley and 11 KBW last month acted for the London Criminal Courts Solicitors’ Association and the Criminal Law Solicitors’ Association in their successful challenge against the Lord Chancellor’s failure to disclose the contents of two reports during the legal aid reforms consultation process. The Treasury Solicitor instructed Blackstone Chambers’ James Eadie QC and Fraser Campbell, and 4 New Square’s Richard O’Brien on the case.

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Life During Law: Jeremy Hoyland

I always wanted to be an architect. Unfortunately I’m very messy and that’s a bad combination. Building useful things, such as bridges and roads, would be a great job.

My father was a history teacher and my favourite subject was history, but I knew I was never going to be a history teacher as I could see what it was like for him. I did law to keep my options open and was offered a job by Simmons, which felt like a phenomenally well-paid job. It wasn’t my life plan.

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Revolving Doors: Pillsbury and K&L Gates expand international corporate and finance practices, while Pinsents and TLT focus on UK

Outside the UK, Pillsbury Winthrop Shaw Pittman and K&L Gates have expanded their corporate and finance practices respectively, while in the City, Pinsent Masons boosts its energy team while TLT grows corporate.

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