The last word: This life

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The last word: This life

‘One evening I found six cans of Red Bull on an associate’s desk. I just sent him home. People get tired, people make mistakes.’

David Trott, Freshfields

To coincide with LB‘s quality of life special, senior lawyers discuss stress, wellbeing and what makes it worth it

DEEP BREATHS

‘If there’s a deadline or things are blowing up on a deal, you need to take a deep intake of breath. As you go through these episodes of stress it gets easier. There are peaks and troughs for stress in any job but it gets easier.’

Andrew Ballheimer, managing partner, Allen & Overy

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Prepare for a bumpy Brexit ride and to be ignored

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Prepare for a bumpy Brexit ride and to be ignored

For months I’ve refrained from adding to the reams of pointless Brexit commentary given that until developments develop, not much can reasonably be said. But now article 50 has been triggered, there is a little more to work with.

Actually, I could have taken a break from banging on about King & Wood Mallesons a little earlier since by January it was clear that the UK government was tilting towards a hard Brexit and the UK losing access to the single market.

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Clients and rookie lawyers – some awkward truths

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Clients and rookie lawyers – some awkward truths

Ah, despite the changing fashions, technology and economic realities of the day, in law you can always rely on that curious mix of mutual hypocrisy, miscommunication, mistrust and conflicting agendas between clients and law firms to endure.

The latest flashpoint is Deutsche Bank’s current panel review, which has pressed tendering law firms to write off time for trainees and newly-qualified lawyers handling its matters. Though it appears that not all have consented, for many this is the thin end of the wedge and a worrying sign that this US trend is making its way over here.

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Global London: Has the City reached the end of its curious post-Lehman boom?

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Global London: Has the City reached the end of its curious post-Lehman boom?

Will this year’s Global London report chronicle the high watermark for the Square Mile as a global hub for foreign law firms? The possibility has to be considered with the article 50 notice about to be delivered as I type these words, representing the biggest threat to London’s position since the 1990s’ run-up to the launch of the euro.

As it stands, foreign advisers continued to aggressively invest in London through 2016. The number of London-based lawyers employed at the 50 largest foreign firms, now numbers 6,033, an increase of 22% over the last two years despite a generally subdued UK legal services market. The elimination of King & Wood Mallesons (KWM) from our tables this year understates the growth through the last 12 months but in underlying terms, headcount probably grew at least 4% even allowing for the re-allocation of legacy SJ Berwin lawyers to US rivals. Given the KWM implosion, it was unsurprisingly a record year for partner recruitment, with nearly 200 laterals within the group. The overall pace of growth, however, slowed somewhat on 2015.

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The last word: American dreams

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The last word: American dreams

‘We will continue to hire lawyers we see as adding something. That continues to be the mantra: hire great lawyers and your practice will grow.’

Richard East, Quinn Emanuel Urquhart & Sullivan

As our Global London report hits desks, the leadership at US law firms in the City weigh up the challenges ahead

MISSION STATEMENT

‘The firm has a clearly defined strategy for where and how we will grow. We will continue to build our top-ranked transactional, regulatory, litigation and trial practices and focus on the industries that are driving the global economy. Mission drift can happen if you take your eye off the strategy. The investments we make are for the long term and are key to ensuring we stay focused on what we need to do to serve our clients’ needs today, and in the future.’

Richard Trobman, vice chair, Latham & Watkins

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Sponsored briefing: Business interrupted

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Sponsored briefing: Business interrupted

Navigant’s Stephanie Tombling on the considerable challenges firms face when dealing with business interruption

Business interruption usually accounts for the lion’s share of losses in insurance claims stemming from damage to property resulting from fire, explosion, weather events, equipment failure, faulty design, or simply human error. The loss of buildings, equipment and inventory impacts a business’s ability to service its customers, negatively affecting sales. According to Allianz Risk Barometer 2016, business interruption ranks number one, for the fourth year in a row, among the top risks facing businesses worldwide. Continue reading “Sponsored briefing: Business interrupted”

Myths and monsters – how KWM got swallowed by its own culture

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Myths and monsters – how KWM got swallowed by its own culture

Hearing that Legal Business was gearing up for an in-depth look at the collapse of the European arm of King & Wood Mallesons (KWM), a well-informed contact noted that this story could not be told without going back to the Stanley Berwin days. True, the old SJ Berwin had a maverick spirit that mesmerised its own partners but, having twice presided over lengthy pieces about the firm, I had no stomach to dwell once more on its legend.

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NRF’s New York merger – the trade-offs of federalism

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NRF’s New York merger – the trade-offs of federalism

Barely into 2017 and it has already been an eventful year for verein-based law firms, with King & Wood Mallesons meeting a painful end in Europe while, in happy contrast, Norton Rose Fulbright (NRF) has just secured its second substantive US merger in the shape of Chadbourne & Parke.

The deal hands NRF 300 lawyers and a major upgrade to its Manhattan practice, which it certainly wanted and needed. Given the federal structure of NRF, the deal is primarily a merger within its US business, marrying the legacy Fulbright & Jaworski to a firm with complementary strengths across energy, projects and finance, nicely combining Fulbright’s Texas heartlands with Chadbourne’s New York base.

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Hot private equity money is remaking Europe’s legal market

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Hot private equity money is remaking Europe’s legal market

What are we to make of the most aggressive raid between top ten City firms since Allen & Overy helped itself to the bulk of Norton Rose’s leveraged finance team back in 2002? In some ways, news this month that Freshfields Bruckhaus Deringer is to ship in a productive five-partner buyout group from Ashurst seems even more notable.

For Freshfields, which has shied away from lateral recruitment in its European heartlands, to make such a huge commitment is striking and speaks to the doubled-down bet the Magic Circle firm has made in private equity and related finance.

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The last word: Machines and myths

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The last word: Machines and myths

‘Everyone is on their own voyage of discovery. But is any law firm leveraging AI in a material way? I don’t think they are – yet.’

Derek Southall, Gowling WLG

Can legal AI match the hype? Legal Business asks key figures about the future for law technology


PUBLICITY KING

‘Of course they’ll have prices, but then you’ll try to work your way around those prices. The reason you’re seeing lots of press releases that say “law firm signs up to use [tech provider] Kira” is because Kira will give you a discount if you do that. Honestly, “law firm uses Kira” isn’t really news, let’s be brutally honest. But Kira will say: “I’ll give you a 10% publicity discount if you do it.” Why not? Why wouldn’t I do that? That then helps Kira to tell a story that says Kira is already being used by Clifford Chance, Linklaters, Freshfields… Suddenly if I’m law firm number 72 and I see all these big law firms, I’m thinking, shit, I’d better use that too.’

Nick West, chief strategy officer, Mishcon de Reya

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