The new data on Biglaw’s performance in the first half of 2013, mentioned earlier in Morning Docket, shouldn’t surprise anyone. For the first half of 2013 (January through June), when compared to the same period in 2012, gross revenue is up slightly (by 1.5 percent), average hours per lawyer are down slightly (by 2.5 percent), and expenses are up slightly (by 3.5 percent). This is a pretty typical report card in the “new normal” — up a little on this metric, down a little on that metric, and overall basically running in place.
But the survey, from Wells Fargo Private Bank’s Legal Specialty Group, did contain a few interesting tidbits — including depressing information about partner productivity….
It’s hard to get a good read on the direction of the economy these days. And the same could be said about the direction of Biglaw.
It seems that every week brings a new survey, report, or set of predictions. And they often point in different directions. Sometimes they are pessimistic, claiming that layoffs (including partner layoffs) are just around the corner. Sometimes they are positive, noting that despite the challenging economy, legal spending is up. And sometimes they fall somewhere in between.
Today brings news about past performance — which, while not a guarantee of future performance, can sometimes offer hints. It’s about how large law firms fared in the year just ended. And it’s good news….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.