The industry standard in tracking US law firm mergers, Altman Weil’s Mergerline, has had this to say about activity in the wake of the Global Financial Reset:
Comment: Be wary of vaulting ambition as competition ramps up in Scotland
An interesting battle is raging in Scotland on levels large and small. In early May, the Scottish National Party (SNP) swept to victory in 56 of the 59 seats available to it in the General Election and party leader Nicola Sturgeon pressed prime minister David Cameron to revisit the draft legislation on devolving more powers to Holyrood.
Continue reading “Comment: Be wary of vaulting ambition as competition ramps up in Scotland”
Comment: A vision of Big Law come 2025 – will the dust ever settle?
It is 2025 and the view from the nominal head office of the leading City law firm remains as uncertain as it has for the last 15 years. Not that there hasn’t been progress at what would once have been called a Magic Circle firm.
Continue reading “Comment: A vision of Big Law come 2025 – will the dust ever settle?”
Comment: Lockstep has to go for Magic Circle to enter new global elite
Conservatism and intransigence are qualities often bemoaned in the legal industry, in many cases beyond their manifestation. But there is one aspect in which the upper reaches of City law have shown a resistance to change verging on the surreal: the desperate embrace of a highly restrictive model of lockstep.
Continue reading “Comment: Lockstep has to go for Magic Circle to enter new global elite”
Lockstep has to go for Magic Circle to enter new global elite
Conservatism and intransigence are qualities often bemoaned in the legal industry, in many cases beyond their manifestation. But there is one aspect in which the upper reaches of City law have shown a resistance to change verging on the surreal: the desperate embrace of a highly restrictive model of lockstep.
As we argue in our Future of Law special this month, the Magic Circle model is under intense pressure after seven years in which big changes in the industry and global economy have shifted against the group. Under the bonnet, these firms – which are well-run institutions that have been a British success story for very good reasons – have been through substantial restructuring in response. With a better global economy, strong international networks and transactional and contentious activity currently robust – a leaner and more productive big four are positioned for dramatic increases in profitability as their core markets pick up. And 2014/15 should be a very respectable year for the group.
Continue reading “Lockstep has to go for Magic Circle to enter new global elite”
Be wary of vaulting ambition as competition ramps up in Scotland
An interesting battle is raging in Scotland on levels large and small. In early May, the Scottish National Party (SNP) swept to victory in 56 of the 59 seats available to it in the General Election and party leader Nicola Sturgeon pressed prime minister David Cameron to revisit the draft legislation on devolving more powers to Holyrood. Bolstered by a suddenly soaring national profile, the SNP leader claimed the proposed reforms were not in the spirit of the Smith Commission’s recommendations following the referendum on independence last year. Entente cordiale persists, but there’s an undercurrent of tension on both sides as the 300-year-old union has never looked under more pressure.
This tussle will continue for some time yet as, although the SNP hasn’t pushed for a second independence referendum, that threat will never be far from the table. The UK government might take a more phlegmatic approach and give the SNP exactly what it is asking for… and more. Cameron has been reportedly pressed by some senior Tories to call Sturgeon’s bluff and put full fiscal autonomy on the table, believing the SNP may baulk as that would leave the Scots on the hook for budget collection and cuts as well as spending, potentially leaving the Scots government with an £8bn hole in its budget.
Continue reading “Be wary of vaulting ambition as competition ramps up in Scotland”
You can’t buy loyalty – the dos and don’ts of making the lateral hiring game pay off
Fieldfisher’s Matthew Lohn argues that patience, structure and a dash of decency go a long way in hiring a partner
For most law firms, growth connotes success. Strategies to deliver the desired growth will usually rely on a steady, sometimes significant, stream of lateral partner hires. These new partners are perceived to be integral to the future success of a business – a supply of fresh talent which can expand different practice areas, enable a firm to enter new jurisdictions and access new clients. Successful law firms openly entice an assortment of lawyers from other firms to initiate or strengthen their offering. Success or failure of lateral hiring has consequently become important and the art and science of the lateral hire is becoming an increasingly analysed issue. Firms need to understand how a ‘lateral’ becomes an established and successful partner of their new firm – so what is the magic formula for success?
The Last Word: The vision thing
Senior legal figures provide their take on how the market will shape up over the next 25 years
RISE OF THE ACCOUNTANTS
‘The Big Four are challenging and will be one of the competitive threats over the next five years as they have tremendous resource, access to businesses and more sophisticated models than law firms.’
Roger Parker, EMEA managing partner, Reed Smith
Guest post: HMRC – Taking stock and keeping public confidence
Back in February Labour announced that it would, if it took power, begin an ‘immediate and independent review into the culture and practices of HMRC with regard to tax avoidance.’ This politicisation of the question whether HMRC retained public confidence diffused the logic of the demand.
Continue reading “Guest post: HMRC – Taking stock and keeping public confidence”
Guest post: What makes tax lawyers morally limited?
I find the psychology of professional ethics endlessly fascinating. Take this piece by Elaine Doyle, Jane Frecknall Hughes and Barbara Summers (2013) An Empirical Analysis of the Ethical Reasoning of Tax Practitioners, (access here), which I thank Iain Campbell for mentioning to me.
Continue reading “Guest post: What makes tax lawyers morally limited?”