With the ongoing shift in the global legal landscape, many of London’s top attorneys, commonly referred to as ‘rainmakers’, seem to be conspicuously absent. According to an analysis on Law.com, this shift could pose significant challenges for U.K. firms in the global competition. The report suggests that in order to compete effectively on a global…
About ten months into the technologically sophisticated era of generative artificial intelligence (AI), its transformative potential for the field of law is becoming increasingly clear to industry professionals. While there’s broad consensus around the revolutionary role of such technology, the exact functions it will majorly transform within a law firm remains an important question. The…
The contemporary legal market is seeing an increased emphasis on billing discipline as a result of prolonged payment periods from Big Law clients and a sustained downturn in demand. This trend is evident in renowned lawfirms such as Sidley Austin, which recently instated a new policy reducing year-end bonuses from 25% to 50% for associates…
Despite the uncertainties and challenges posed by the current economic climate, law firms have seen revenue growth in the first half of the year, owing to historically high billing rates and strong off-cycle practices. This is according to a midyear survey conducted by Wells Fargo Private Bank Legal Specialty Group. While demand and productivity have…
They say money can’t buy happiness, but according to some lawyers, perhaps it could buy a few functional laptops. Results from the 2023 Midlevel Associate Survey have highlighted significant technology hitches experienced in law firms. Many participants found it difficult to match their firms’ remarkable profits with their outdated tech infrastructure, including slow computers, dated…
The annual International Legal Technology Association Conference (ILTACON), currently underway, is the mere embodiment of progress within the legal technology space. As per the Above the Law coverage, the conference has attracted over 3,400 registrants, making it one of the largest gatherings of its kind. Notably, attendees utilised the Klik technology extensively at the event,…
In a recent development within the legal industry, firms are increasingly recognizing the value of remote flexibility in attracting highly skilled lateral talent. The trend, discussed at length in a recent post on Law.com, comes in response to ongoing changes in lawyer lifestyle preferences and the emerging challenges posed by the pandemic-era work environment. Despite…
The nominations for the British Legal Awards 2023 have been announced, with leading law firms Latham & Watkins and Freshfields Bruckhaus Deringer among the nominees. The highly regarded awards event, which has spent the past 14 years acknowledging exceptional achievements in the UK legal industry, is set to be held at the historic Honourable Artillery…
Recent trends suggest that a shake-up may be impending in the UK’s legal sector, with heavyweight firms modifying their business strategies to better compete on the global stage. This shift has led to the question: where have all the London rainmakers gone? One of the moves that has drawn attention is the proposed tie-up between…
Amid a landscape of high-profile legal hearings, a seemingly improprietous trend appears to be emerging among conservative court justices, raising eyebrows within the legal fraternity. The issue at hand – Justices, not limited to those within the Supreme Court, receiving complimentary vacation packages. This alarming practice begs the question – what sacrifices to objectivity and…
The legal industry in the US is still grappling with economic uncertainty, according to a mid-year survey by the Wells Fargo Private Bank Legal Specialty Group. Many big law firms are finding themselves in a limbo, as various economic factors continue to disrupt large-scale transactions. Despite this, law firms have managed to grow their revenue…
Taking into account the shift of the associate market, law firms are increasingly stressing on the regular and timely recording of billable hours. This aggressive approach towards punctual timesheet entries, as noted by Jeffrey Lowe, founder and managing partner of advisory firm Jeffrey Lowe Partners, seems hardly surprising. As Lowe articulated recently in an interview…
Navigating and surviving midlevel positions in Biglaw have been more challenging than ever, with pandemic-related hurdles adding to the equation. Among a variety of outstanding issues, these midlevel associates seem to have become increasingly disgruntled with firm culture and office attendace mandates. Results from a recently conducted survey, released by the American Lawyer, point out…
Two significant Biglaw firms, Perkins Coie and Morrison Foerster, are facing separate lawsuits over their diversity programs, filed by The American Alliance for Equal Rights. The organization is led by Edward Blum, who is also the founder of Students for Fair Admissions. The latter institution was the plaintiff in a recent Supreme Court case that…
The developing story of former President Donald Trump and unresolved Georgia election issues raised eyebrows, with suggestions of Trump willingly turning himself in being taken as seriously as sales pitches for Brooklyn bridges. Experts remain skeptical about these claims. Trump prodonly treads risky political terrains, yet this move hints at something unprecedented. For more on…
An international survey conducted by LexisNexis reveals that almost half of legal professionals and consumers see generative AI significantly impacting the practice of law. The study comprised of 7,950 participants including lawyers, law students and consumers from the US, UK, Canada, and France. Their inputs provided a better understanding of their awareness of generative AI…
Given the changing dynamics and increasing pressures on the legal industry, law firms worldwide are reportedly making staffing adjustments. A recent report shares an insight into this emerging strategy. However, it is worth noting that readers might encounter limited access to the full text as it is behind a paywall. Without delving into specifics, considering…
In the ever-competitive world of Biglaw, where productivity measures often justify the hefty price tags of headcount, recent developments suggest a different story. One of the top 20 Biglaw firms has reportedly laid off a number of its staff down under, although lawyers appear to have emerged unscathed. Productivity isn’t justifying the Biglaw headcount. Important…
The legal sector has experienced a sharp rise in law firm headcount during the first half of 2023. However, this has coincided with a significant decline in productivity, as highlighted by a recent survey conducted by Wells Fargo’s Legal Specialty Group. Featuring 130 firms in its participant list, including 66 Am Law 100 firms, the…
Following the annual ranking of Law360, six firms worth paying attention to in California have risen to prominence. The named firms are a combination of established California-based Biglaw firms and those recognized for their high-level plaintiff-side work. Unfortunately, the full list of the six recognized powerhouse firms wasn’t available. However, analysis suggests law firms that…
Recently, some of the world’s most notable law firms, such as White & Case, Cleary Gottlieb Steen & Hamilton, Orrick, and Latham & Watkins, have provided legal advice on a notable cross-border debt restructuring deal. This multibillion-euro deal involves none other than Casino Guichard-Perrachon, one of the largest retail chains in France and an established…
In a recent turn of events, a top 20 ‘Biglaw’ firm has let go of a number of its staff in Australia. The redundancies were carried out primarily among the firm’s business services personnel, following observations of efficiency gaps in these functions. The firm emphasized that these were tough decisions to make and all individuals…
Many corporate Biglaw attorneys have experienced difficulties through the past year as demand has diminished. As layoffs become a concern, these lawyers might be contemplating other options for their careers. Intriguingly, midsize firms could offer a more appealing environment for corporate attorneys. Steve Cooperman, chair and co-managing partner of Morrison Cohen, a midsize international firm,…
The ongoing economic downturn has demonstrably impacted various sectors worldwide, and the field of law has clearly not been exempt from this. Lateral partner recruitment in law firms, typically a complex process, has endured a significant increase in difficulty. In times of economic contraction, law firms are often faced with increasing competition for securing top-tier…
Companies striving to enact diversity, equity, and inclusion (DEI) programs are coming under scrutiny, as practices are discovered that could potentially incite lawsuits. Law firms have found that some corporate efforts have inadvertently taken the form of discriminatory preference for certain groups, such as racial quotas and ill-equipped hiring managers who misinterpret ‘diversity’ as means…