The sky is not falling. Or if it is, it’s falling very, very slowly.
Yes, the legal industry is going through some major changes. The profession is becoming more business-focused than ever before, meaning that it’s harder out here for a partner. It’s also a tough time to graduate from a low-ranked law school if you’re not at the top of the class, as Elie Mystal has discussed at great length.
But for many law students and young lawyers, especially those with strong credentials from strong law schools, times are still good. For proof of this, consider on-campus interviewing (OCI), currently taking place at law schools around the country….
What does 2013 hold for the world of large law firms? Let’s look into our crystal ball.
Actually, scratch that. Making predictions is a tricky business. Sometimes we’re right — like when we predicted robust bonuses out of Cravath, based on their large partner class — but sometimes we’re wrong.
For now, let’s keep our powder dry, and instead check out historical data about hours, billing rates, and corporate legal spending. Can we gain any insight into the future by looking back over the past?
Biglaw needs to take a page out of the Burger King playbook and adopt a “Have It Your Way” attitude with its general counsel clients, according to a new study. In the words of the ABA Journal:
The recession has driven a power shift that now favors in-house counsel over the law firms they hire, a new report [PDF] has found.
About 75 percent of general counsel and law firm partners said the balance of power now lies with law firm clients, according to the report (PDF). A majority of both groups believe the power shift will be permanent.
We’re hearing more and more often from general counsels about the hot new trend of cutting back drastically on the number of outside firms they work with. The most dramatic example of this came from Levi Strauss, which slimmed its outside legal counsel down to size two.
The report says that 73% of GCs surveyed “admitted to either changing or reducing the number of their external legal advisers as a result of the recession.”
The 13-page report was commissioned by UK-based law firm Eversheds, but looks like it was designed by Barbie — lots of bubbles, and generous use of the color pink. It promises the death of the pyramid law firm structure and the move to “value billing.” It’s pretty, but is it substantive?
OmniVere’s delivery of end-to-end technology & data consulting to position the company as a true differentiator in the global legal technology and compliance space.
CHICAGO, IL, September 29, 2014 – OmniVere today announced the creation of the company’s technology & data consulting arm and the addition of several industry-renown experts, including the former co-chairs of Berkeley Research Group’s (BRG’s) Technology Services practice, Liam Ferguson, Rich Finkelman and Courtney Fletcher.
This new consulting practice will provide and expand existing OmniVere eDiscovery consulting services to corporations, law firms and government agencies with a special focus on compliance, information governance and eDiscovery. This addition of this top talent now positions OmniVere as a true industry leader in the technology and data consulting space offering best-in-class end-to-end services.
Ferguson, Finkelman & Fletcher are nationally recognized experts and seasoned veterans in the areas of overall technology, electronic discovery, and structured data. At OmniVere, the team will be focused on all global consulting activities with respect to legal compliance, complex data analytics, business intelligence design and analysis, and electronic discovery service offerings.
The Trust Women conference is an influential gathering that brings together global corporations, lawyers and pioneers in the field of women’s rights. Unlike many other events, Trust Women delegates take action and forge tangible commitments to empower women to know and defend their rights.
This year, the Trust Women conference will take place 18-19 November in London. From women’s economic empowerment to slavery in the supply chain and child labour, this year’s agenda is strong and powerful. Speakers include Professor Muhammad Yunus, Nobel Laureate and founder of the Grameen Bank; Phumzile Mlambo-Ngcuka, Executive Director of UN Women; Mary Ellen Iskenderian, President and CEO of Women’s World Banking and many other influential leaders. Find out more about Trust Women here.