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The Law Firm as Social Institution

 The global values revolution has reached beyond corporations and non-profits to the law firm. DAVIS POLK TODAY, BEFORE THAT MAYER BROWN Today, the Asia chairperson of Davis Polk Martin Rogers didn't speak, as originally scheduled, at a Hong Kong forum on the national security law. As the Hong Kong Free Press reports, the law firm had been hammered for planning to participate in what was perceived as supporting a violation of human rights. Earlier, Mayer Brown also had been a target of global censure for representing Hong Kong University in its initiative to remove the Tiananmen Square memorial. It went through the wringer. A MAJOR MEDIA STORY So, it's no surprise that what lawyers at major law firms are doing for social justice is receiving sustained media attention. An example are the partners and chairperson at Paul Weiss. LORETTA LYNCH AT HARVARD LAW SCHOOL COMMENCEMENT As Reuters Legal reports, in delivering the commencement speech at Harvard Law School, Paul We...
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The Extreme Trauma of Mergers

  Mergers, as all of us know, can be brutal on the manpower. Common is being designated as "redundant." Also, the whole category of a kind of job can disappear. That's exactly what's playing out in the UK as BLM merges into Clyde & Co. RollonFriday  reports that at the new entity there is no role which is compatible with the present job of salaried partner at BLM. At BLM there are about 140 salaried partners, as well as 40 to 50 equity ones. The function of Clyde & Co. salaried partner is different. The deal will be done on July 1st. So, the major challenge for current BLM salaried partners is to apply, if they want to stay in that game, for opportunities at Clyde & Co. There are several options. One is become what is called "Legal Director."  Mergers are a monster to navigate even in the situations which can be favorable to employees, at least some of them. The latter can land a big break. This particular one seems like a horror. Of course, it i...
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Law Firms and Recession - A Bifurcated Story

 "Soros' Money Manager [Dawn Fitzpatrick] Warns Recession 'Inevitable.'" - Bloomberg, May 31, 2022. Left out there for speculation: So, how severe will the downturn be and how long will it hang on?  LAW FIRMS MOST IN DANGER The most vulnerable law firms during a downturn? They include: One-trick ponies. At the top of the list are those which invested heavily in beefing up their M&A practices over the past five years. Litigation practices, which were beginning to rebound, could have a setback. Corporations tend to put on hold "elective" litigation. Remember, also, last year litigation funder Burford Capital had a net loss of $56.4 million . Big Law firms which haven't diversified beyond lawyering. The Wall Street Journal warns that becoming a full-service business vendor and launching other kinds of profit centers such as consulting about risk management are now necessary. That can help meet the competition from the Big Four. Among th...
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