Law firms sharpen up as recession cuts legal sector to size
Headline News
A new report warns law firms that they need to modernise or lose out as a major power shift is taking place in favour of the in-house client. The report, which canvassed the opinions of 130 General Counsel and 80 law firm partners around the world, reveals that 78% believe that the recession will have a lasting impact on the profession, and that value and efficiency are now the non-negotiable attributes a client looks for in a legal partner.
The report – ‘Law firm of the 21st century – The clients’ revolution’ - commissioned by international law firm Eversheds, also reveals that the recession has had a major impact on how ‘magic circle’ law firms are viewed, with just over half (51%) of clients and 46% of partners citing the term as defunct. When asked if this revision, to the traditional law firm hierarchy would be a welcome development for the market, an overwhelming 94% of clients and 81% of partners agreed.
While the recession has proved to be a key catalyst for this change, the report also highlights several other factors that have contributed. The primary factor identified by over a third (37%) of all respondents was globalisation, particularly the move to the East, with many international law firm leaders, as with other business sectors, considering moving their headquarters from the West to the East.
An additional driver for change is the increasing status and professionalism of the in-house lawyer (35%). Three-quarters (74%) of General Counsel said they now occupied a far more senior commercial advisory role in their companies compared to before the recession, with 55% assuming more responsibility for corporate governance.
Related listings
-
Legal Volunteer of the Year Awards - April 13
Headline News 03/22/2010Having volunteered countless hours to serve, Elizabeth Wagner will be presented with the Volunteer of the Year Award at the Leadership Awards Luncheon hosted by the Greater Los Angeles Chapter of the Association of Legal Administrators (GLA ALA). Wag...
-
Geothermal firm Ormat faces class action suit
Headline News 03/15/2010Law firms are circling geothermal energy company Ormat Technologies, after a class action law suit was filed accusing the firm and its executives of knowlingly falsifying its accounts.Pennsylvania firm Howard G Smith filed the class action lawsuit on...
-
Law Firm To Offer Free Advice To 25 Businesses
Headline News 03/15/2010The Bloomfield Hills law firm of Lipson, Neilson, Cole Seltzer & Garin, P.C. is holding a 25th anniversary celebration May 6 where it is giving 25 small businesses or entrepreneurs a half day of free legal and business counseling at Automation Al...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.