Study: Law Firms Have "Little or No Interest in Change," CLOs Say

An interesting debate unfolds on the AM Daily website today regarding the results of a survey carried out by Altman Weil that found that law firms 'aren't exactly embracing the forces of change that many claim are sweeping the legal industry'. What is even more interesting are the excellent comments posted by Patrick McKenna regarding the attitude of some CLOs towards change themselves. Well worth a read, particularly on the day when Clifford Chance's are down 37%!

For the next 48 hours Paula Black will be offering an impressive opportunity to anyone who purchases “The Little Black Book: A Lawyer’s Guide To Creating A Marketing Habit in 21 Days.” Readers who purchase the book will receive “The Smart Lawyer’s Toolkit,” a compilation of advice from more than 30 of the most sought-after experts in the legal arena (including myself!). Click here for details.

The Business of Law now available

The Business of Law 2009, authored by Ron Pol and Ashley Balls, with contributions from David Maister and Professor Stephen Mayson, provides an in-depth analysis of the trends affecting the legal sector in New Zealand. I believe this report will not only provoke debate about the shape and future of the legal industry in New Zealand, but also stimulate better business practice in the legal profession generally. This is a 'must read' for anyone operating in the legal sector in New Zealand. To order your copy, click here.

Time to innovate

These are exciting times, for lawyers and law firms. Yes, exciting. Perhaps not the first word that comes to mind for many managing partners at the moment, given the downturn in business and the consequential squeeze on law firm profits. Yet I do believe that this slowdown is a blessing in disguise for many firms of all sizes and in all locations, providing them with the impetus and the incentive to really think differently about their businesses and to make lasting changes so that they can emerge from this downturn stronger, leaner and more effective than before...(Read more here).

Magic circle firms in the money

No sign of a slump at the top end of the legal sector! The Times online today reports an increase in revenues and profits for 'magic circle' firms in London.
Clifford Chance heads the list of high performers reporting record revenues of £1.3billion and profits per equity partner last financial year of £1.15million. To read the Times' report, click here

Escaping the Billable Hours Trap

The crusade against the billable hour continues. This week Jeff Bleich, President of the State Bar of California added his name to the list of advocates who want to get rid of the billable hour in the California Bar Journal The point of this debate is neatly summed up in the conclusion to his article:

"The point is that as a profession, we need to start finding billing methods that will reduce distrust and damage to our client relationships, that will refocus young lawyers on being problem-solvers again, and that will remind us of — rather than distract us from — why we are lawyers in the first place."

And so say all of us. Well, nearly all. Ron Baker of the Versage Institute has a few words words to say here.

Legal Department Benchmarking Report 2008

What are the largest organisational users of legal services in Australia and New Zealand spending..and on what?

What are the most pressing issues facing legal department leaders?

What are General Counsel looking for from their external legal providers?

What do they think of hourly billing?

What are the barriers to changing law firms?

The answers to these and other questions are contained in the recently released Legal Department Benchmarking Report 2008. This report contains detailed information from than 125 corporate and government organisations that could help save millions of dollars in legal costs. Plus there's a wealth of information for law firms on what in-house counsel are looking for from their external providers and on how they select and manage law firm relationships.

To order your copy, click here

Will lawyers exist in 100 years?

Extracts from Richard Susskind's forthcoming new book 'The End of Lawyers?' are being published in The (London) Times over the next 6 weeks. Have a read and join the on-line debate. Professor Susskind is a futurist and visionary and, as usual, provocative. Have a read here.

City lawyers still have their heads in the sand!

Legal Week in Britain has just announced the results of its EJ Legal Biq Question survey about the standards of management in law firms in the UK.

This article highlights a problem that is endemic in the legal profession: many lawyers are still completely ignorant about management; they only appreciate management when
a. when times are tough;
b. when they want to copy their competitors;
c. clients demand it (thankfully)

Cornelius Medvei, Eversheds' London chief comments: “Many lawyers see management as a necessary evil and the vast majority are still not interested. The biggest challenge of all for law firms is finding the people who have the requisite skills to be able to do it well.”

I agree with the first half of his comment, not the second. There are plenty of good managers out there; the challenge is to educate lawyers to appreciate that management is an essential and valuable function of any successful business, including a law firm. Only then will surveys like this have more relevance.