I believe that the greatest threat to the legal profession is the incursion by the Big Four accounting firms. The writing is indelibly on the wall. And yet most American law firms are complacent. They believe that U.S. regulations make them untouchable. Not so fast. An article published yesterday by The American Lawyer reports that “The British arm … Continue Reading
A 2016 study by LexisNexis, reviewed by Neil Rose in an article in the UK online publication Legal Futures, found that small firms (fewer than 20 fee-earners) that offered fixed-fee billing to clients were frequently ones that could be described as “entrepreneurial” for other reasons. In contrast to firms of comparable size they were, for example, … Continue Reading
Accounting Today reports that accounting giant PwC is about to open a law firm in the U.S. The article, compiled from various sources by Daniel Hood, points out that this constitutes a significant new development in what many see as an increasing encroachment by accounting firms into the legal services marketplace. The firm, to be called ILC Legal, will operate independently … Continue Reading
According to an article on Quartz, Microsoft will require all of the law firms with which it works to move to a retainer or other billing approach for most legal matters, rather than billing by the hour, within two years. As the article points out, the billable hour may be traditional and standard procedure for … Continue Reading
In a post at Legal Business, Matthew Field reports that Linklaters is about to “phase out individual partner metrics and annual assessments to focus on broader measures of team and firm performance.” The new performance-assessment strategy will focus on such areas as “client winning, business development, training and innovation,” Field says. Based in London, Linklaters … Continue Reading
Bloomberg Markets reports that new software from JPMorgan Chase & Company has reduced the amount of time that lawyers and loan officers need to invest in interpreting loan contracts from tens of thousands of hours to mere seconds. Bloomberg writer Hugh Son points out that the COIN (COntract INtelligence) initiative is just one of many currently in development that … Continue Reading
A survey conducted by BTI Consulting Group in mid-2015 shows that alternative fee arrangements (AFAs) are experiencing a massive growth in popularity, particularly among larger clients. A report on the survey in BTI’s blog, The Mad Clientist, indicates that in 2015, AFAs accounted for $23.1 billion in outside counsel spending in the U.S. – up 8.2 billion over 2013. “AFAs … Continue Reading
A February 2016 “Insight Report” from Deloitte takes a close look at the future of the practice of law in the UK, and urges firms to make plans immediately to prepare for changes that are likely to upend the entire profession within a decade. “Indeed, by around 2020,” says the report, “we expect a tipping point for firms which will impact … Continue Reading
The Canadian law community woke up this week to the news that Conduit Law – a company that Canadian Lawyer describes as a “disrupter of traditional legal services on Bay Street – has been purchased by Deloitte, the professional services firm that offers audit, tax, consulting and financial advisory services to clients. Deloitte’s press release on Marketwired says, “The newly formed Deloitte Conduit … Continue Reading
Legal-issues writer Elizabeth Olson tackled the subject of the legal profession’s generational divide in “Graying Firms Wrestle with Making Room for Younger Lawyers,” an article recently published in the New York Times. “If any discipline is a window into the debate about balancing short-term profits over long-term survival,” Olson wrote, “it is the legal profession, one of … Continue Reading
I am pleased to draw the attention of readers of this blog to the most recent issue of Edge International Communiqué (EIC). The issue features articles by two of my colleagues at Edge International, as well as one that I wrote. Nick Jarrett-Kerr offers advice on choosing effective law-firm leadership teams, and Mike White discusses some “closing” strategies that … Continue Reading
Like the thousands of readers around the world who subscribe to his monthly newsletter Legal Trends, I am always impressed with the wisdom of Ed Wesemann, one of my partners at Edge International and co-owner of Legal Resource Group LLC. “Better Than Weeds,” his recent blog post on the subject of unused office space in … Continue Reading
Edge International is pleased to announce the release of its 2015 Global Partner Compensation System Survey, authored by Edge International partners Ed Wesemann and Nick Jarrett-Kerr. This is the fourth triennial survey that we have conducted (the first was published in 2006) with a view to gaining an understanding of differences in firms’ approaches to … Continue Reading
I am delighted to recommend to you a new book by my esteemed colleague and friend, Patrick J. Lamb. Alternative Fees for Litigators and their Clients is published by the Law Practice Division of the American Bar Association. Most law firms today are wrangling with issues related to alternative fee structures. Whether we want to … Continue Reading
I was privileged to have been asked by the American Bar Association to write an article about the future of the legal profession for “The Annual Big Ideas Issue” of Law Practice Magazine (July/August 2014). Click on the image to read the article in full. I hope you enjoy it. Gerry … Continue Reading
“There is a significant difference among countries in what law firms take into consideration in setting partner compensation.” – The Edge International 2012 Global Partner Compensation System Survey ‘ “There is a significant difference among countries in what law firms take into consideration in setting partner compensation.” – Edge International 2012 Global Partner … Continue Reading
According to NYT journalist, Catherine Rampell, in her May 23, 2011 story: At Well-Paying Law Firms, a Low-Paid Corner, Orrick, Herrington & Sutcliffe, WilmerHale and McDermott Will & Emery are "creating a second tier of workers, stripping pay and prestige from one of the most coveted jobs in the business world". Catherine goes on to … Continue Reading
SEPTEMBER 2010 September 24th, 2010 ADR Institute of Canada National Conference September 23-24, 2010 Plenary Session: Optimal Marketing for ADR professionals Workshop: Effective Marketing for ADR professionals Calgary, Alberta OCTOBER 2010 October 9th, 2010 Fordham Law School (for Prof Silvia Hodges) Guest Lecture: Law firm management: Strategy New York, New York October 14th, 2010 (with Nicole … Continue Reading
My Edge International partner, Jordan Furlong, has done a nice welcome piece on Pam Woldow already (at his Law 21 blog) but I thought I would echo that Edge International is so very proud and delighted to have her on board. Also, thank you to friends who have joined us in congratulating Pam, like Valorem’s awesome founder, … Continue Reading
Speaking of bold, CMS Cameron McKenna has a pricing team! (See page 14 of their brochure, The future of fees: your route map to value.) Punchline: CMS Cameron McKenna has 122 Equity Partners and employs over 1,000 fee earners in 10 offices. They are big enough and influential enough to be a tipping point in … Continue Reading
Greg George, Managing Partner of top security firm GTI Advisors Threat Management Practice Group has created a comprehensive due diligence report — among his many recommendations, he suggests that businesses consult a law firm – is your law firm ready to answer that call? SECURITY may be a lucrative future-oriented practice area awaiting your firm. … Continue Reading
This clever animation may reinforce Dan Pink’s message from his new book Drive. Compensation has been the tool of choice in law firms to reward good performance, punish the absence of it and drive change. You will not want to believe what you are about to hear and see… ask yourself why? If you are … Continue Reading
If your firm has offices in the Great Lakes Region (or is thinking of expanding into it) there is an unprecedented and unmatched comprehensive analysis available: “2010 Legal Market Analysis Great Lakes Region” The report contains: 115 pages of detailed factual competitive intelligence 126 charts, graphs and illustrations 8 States and 10 Metropolitan Areas Information … Continue Reading
