Comment: ‘This ain’t stewardship’ – delaying partnership until mid-30s is unsustainable

Comment: ‘This ain’t stewardship’ – delaying partnership until mid-30s is unsustainable

Having recently shared a few drinks with one of the most talked-up youngish corporate lawyers in the City, the question came up about mid-way through as to what age they made partner. The answer: 36! And there lies much of what ails major law firms, though older partners continue to float around effecting increasingly unconvincing attitudes of surprise.

Consider a few issues for a moment. The haemorrhaging of female talent at mid-level from private practice. The disengagement of associates under 30 with major law firms. The loss of talented lawyers to US law firms. Client dissatisfaction with lack of partner time. Inter-generational tension in law firms. All of these issues have a common theme: the sustained yet unsustainable practice of major law firms pushing partnership decisions until far too late. And let’s be frank: routinely delaying partnership decisions until lawyers hit their mid-thirties is ludicrous. Continue reading “Comment: ‘This ain’t stewardship’ – delaying partnership until mid-30s is unsustainable”

Comment: Too much jam today for partners yet the future of law will need long-term investment

Comment: Too much jam today for partners yet the future of law will need long-term investment

A little over five years ago Legal Business produced a cover feature dubbed ‘How to improve a law firm in 17 easy steps’. The piece – intended as a series of practical proposals to improve the working of law firms – has aged as well as anything printed in these pages.

And while point one – on overhauling lockstep partnerships for the age of global law – has been borne out, it is the second proposal, to phase out full profit distribution models, that is more pressing to the profession. Problems with lockstep are a peculiar challenge for London’s elite. In contrast, the historic model that has prevailed in legal partnerships of distributing the near-entirety of profits to partners annually speaks to an entire industry in danger of tipping itself over a cliff. Continue reading “Comment: Too much jam today for partners yet the future of law will need long-term investment”

Letter from… Frankfurt: Pillars of stone – finding the right mix is tough but global interest in Germany is growing

Letter from… Frankfurt: Pillars of stone – finding the right mix is tough but global interest in Germany is growing

Two documents outlining the strategies of international firms in Germany came to light between 2016 and 2017. ‘Agenda 2020’ by Latham & Watkins set the goal of becoming the top outfit in the country by its titular date. ‘Germany 2020’ by Freshfields Bruckhaus Deringer, meanwhile, anticipated a reduction of the local partnership of more than 15% over the same time frame.

At first sight, the contrast appears to sum up the growing divide between advancing and retrenching forces in a legal market long torn between a confident wider economic outlook and disappointing returns on investment for global advisers. Continue reading “Letter from… Frankfurt: Pillars of stone – finding the right mix is tough but global interest in Germany is growing”

Comment: The Legal Business view on the profession for you to cut out and keep

Comment: The Legal Business view on the profession for you to cut out and keep

On occasion, we are asked to give our house view at partner conferences and the like. Undertaking one such gig last month for a top-50 UK law firm while the government unhelpfully melted down in the background, I put down some notes on the outline questions the law firm asked me to address before the conference. Obviously, I was not reading my notes in front of the audience in a two-way Q&A and did not stick to the script, but with a little scrubbing up and the identifying information removed, the notes seemed a decent compilation on the kind of topics that Team LB is frequently asked to opine on.

*** Continue reading “Comment: The Legal Business view on the profession for you to cut out and keep”

Looking back on 2018 – The year in law through ten on-point pieces

Looking back on 2018 – The year in law through ten on-point pieces

As 2018 draws to a close, an editor’s thoughts naturally turn to digging out stuff we’ve already done when they should be focusing on stuff we haven’t yet done for 2019. So with that proud tradition in mind, dear reader, below are ten defining pieces from the last 12 months that shone some light on this funny old game we call law.

We’ll now be taking a break from live blogging over the Christmas period but we’ll be returning early in 2019 for what promises to be another… eventful year in the legal profession. Nearly mentioned Brexit just then but I got away with it… Continue reading “Looking back on 2018 – The year in law through ten on-point pieces”

Comment: PRIME and the rise of law’s tick-box diversity ‘solution’

Comment: PRIME and the rise of law’s tick-box diversity ‘solution’

The sheepish evasion now emanating from the once-lauded social mobility project PRIME is an abject lesson in what ethically ails the modern profession. Flashy initiatives, heavily promoted and then… nothing. Because the truth is that large commercial law firms confronted with all manner of social dilemmas have developed an increasingly unhealthy reflex response of reaching for gestures to give the facsimile of action with at best minimal focus on tangible results.

As you can see in Thomas Alan’s piece this month, the lack of rigour and quantifiable results emerging from PRIME, the most celebrated response to a social affairs issue to ever emerge from the commercial UK profession, is an ominous sign for an industry that purports to be getting more progressive. Continue reading “Comment: PRIME and the rise of law’s tick-box diversity ‘solution’”

Letter from… Singapore: A warm welcome and slick offering keep Singapore ahead in the race to be Asia global hub

Letter from… Singapore: A warm welcome and slick offering keep Singapore ahead in the race to be Asia global hub

The view from Fort Canning Hill is telling. You stand next to an early 20th century lighthouse, a testament to Singapore’s early success as a maritime trade hub. It shut in 1958, as the skyscrapers vaulting up rendered it hardly visible from the sea – a port at the crossroads of India and China was becoming a major financial centre.

Today instead of the sea, the view is of dozens of buildings hosting international banks, insurers, manufacturers, tech companies… and of course, lawyers. A city-state of just five and a half million is home to almost 1,000 national and 150 international law firms, making it one of Asia’s two dominant global hubs alongside old rival Hong Kong. Continue reading “Letter from… Singapore: A warm welcome and slick offering keep Singapore ahead in the race to be Asia global hub”

Comment: We come not to bury the Magic Circle but to save it

Comment: We come not to bury the Magic Circle but to save it

A number of contacts have been telling me of late that Legal Business is gaining a reputation for being ultra-bearish on the Magic Circle. So entrenched is this view becoming that one Freshfields partner has apparently taken to claiming to colleagues that LB is talking down the Magic Circle in favour of US players because recruiters tell us to.

For the record, we have a church-and-state divide here and if any commercial partner wants to try to dictate our editorial line, I’d say: ‘Give it a try… and see what happens.’ But, more to the point, such comments misconstrue the basis on which we critique top City firms. London leaders have been a huge success story for corporate Britain – one that has failed to get the credit it was due in business circles. And, as a born Londoner, in as much as I get attached to law firms, there is an instinctive leaning towards wanting the local boys to do good. In short, we are not pointing out City leaders have faltered to revel in that failure. It is to make constructive arguments about what must be addressed if they are to renew themselves. We come not to bury the Magic Circle but to save it. Continue reading “Comment: We come not to bury the Magic Circle but to save it”