lawyrs.net News

Student debt will reach an average of $210,796 in 2015, says LST

2012-05-16T14:14:41Z

Law School Transparency, a group dedicated to improving consumer information concerning the value of legal education, has updated its estimates of the amount of student debt that will be carried by law students, revising the figures upwards after correcting for schools that underreported cost-of-living expenses and the group’s own errors in handling the data from U.S. News & World Report. The new figures add an additional $15,000 to the estimated cost of a law degree, and anticipate that the class of 2015 will walk away with an average debt of $210,796, while the class of 2016 will be encumbered by an average debt of $216,406. Law School Transparency pointed to examples of misleading or incorrect reporting to explain its first, incorrect reporting, and in support of the proposition that law schools should be compelled to provide standardised reporting.

Long term thinking could save biglaw

2012-05-16T14:31:17Z

Here is an interesting article by Mark Harris, the chief executive of Axiom Law, a 900-person new-model legal services firm. Harris attempts to diagnose some of the problems built into the biglaw model that make the structure unstable and liable to the kind of catastrophic failure that we see unfolding at Dewey & LeBouef. The inefficiencies of the biglaw model, with its pyramid structure and time-based billing, have worsened unchecked, adding 75% to the cost of legal services over the past decade, until the global financial crisis and recession changed everything. At that point the bubble effectively burst, companies cut spending for legal services, and the top 250 US firms laid off more than 10,000 lawyers before the system stabilized to their current state of minor growth. And while the need for reform is obvious and urgent, there remains an institutional resistance to taking the necessary steps. When lawyers finally reach the partnership - the reward of power and high earnings after many hard years as an associate - they are seemingly reluctant to invest in the necessary changes. Another problem for any kind of long term strategy is that partners are able to take their clients with them when they shift to another firm. This mobility weakens the bonds that hold a firm together, especially in a hot market for mergers and lateral partner hires. This article argues that investment in the future requires a deferment of short-term compensation - a prospect that the partners at Dewey refused to countenance.

Taylor Wessing shakes up leadership

2012-05-16T14:19:41Z

Taylor Wessing has overhauled its management structure in an effort to introduce younger partners into the firm’s leadership. The firm’s trademark, copyright and media practice head, London partner Niri Shanmuganathan, will swap roles with business group leader Charles Lloyd. London partner and litigator Shane Gleghorn takes over the role of head of commercial disputes from Richard Marsh, and Claire Martin-Royle will share the graduate recruitment partner role with Tim Worden. The firm has also announced the promotion of five new partners in Germany and one in the UK as part of its annual promotions round. The partner promotions are: - Mustafa Hussain (corporate, private wealth, Middle East) - London  - Volker Baas (banking) - Frankfurt  - Sabine Bechtel (employment and pensions) - Frankfurt -  Stephan Martin Gerner (corporate transactions) - Düsseldorf -  Britta Heymann (technology, media and telecoms) - Hamburg  - Thomas Pattloch (intellectual property, China) - Munich

Singapore firm Allen & Gledhill scoops up multiple awards

2012-05-16T14:25:23Z

Singapore law firm Allen & Gledhill was the big winner at the ALB SE Asia Law Awards 2012, an industry event to recognised excellence in the South East Asia region. Allen & Gledhill bagged the awards for Construction Law Firm of the Year, the Marina Bay Financial Centre Award Real Estate Law Firm of the Year, the Tax and Trusts Law Firm of the Year and the Singapore Deal Firm of the Year. The firm also had a hand in the deals that won the Project Finance Deal of the Year, the Debt Market Deal of the Year, the Equity Market Deal of the Year, the SE Asia M&A Deal of the Year, the IPP Financial Advisers Pty Ltd Award for Singapore M&A Deal of the Year and the Singapore Deal of the Year. “We are pleased and humbled to receive this recognition once again,” said Lucien Wong, managing partner of Allen & Gledhill. “These awards are dedicated to our valued clients for their unwavering support over the years. We are encouraged to continue providing our clients premium legal services”.

Bristol law firm TLT to merge with Scottish litigation house Anderson Fyfe

2012-05-15T11:18:44Z

Bristol law firm TLT is set to merge with Scottish litigation house Anderson Fyfe, gaining offices in Glasgow and Edinburgh as well as eight partners and 45 employees. The merged firm is predicted to generate revenues of £48m and will have coverage of all UK legal jurisdictions after the launch of a new office in Belfast. The Belfast office will be led by litigation partner Katharine Kimber who joins the firm from Wilson Nesbitt Solicitors.  TLT managing partner David Pester said: "Client need dictated this move to us; both firms are very strong in financial services and litigation, and by adding Northern Ireland we can offer clients joined-up services in all three jurisdictions, something they are increasingly coming to expect.   "Our first aim is to deliver our existing services to a very high level. Over time, we want to increase market share in financial services and litigation, as well as adding some service lines in litigation and taking full advantage of Anderson Fyfe's real estate pedigree."

Bar Council of India to appeal fly-in-fly-out ruling

2012-05-15T11:29:12Z

International law firms have looked longingly at the booming legal services market in India for decades, but the country remains largely off limits for foreign lawyers. In February this year the Madras High Court in Chennai determined that foreign lawyers who “fly-in, fly-out” of India to give legal advice on foreign law did not thereby contravene India’s Advocates Act 1961. Now, the Bar Council of India has filed an appeal to the Supreme Court of India, and BCI counsel Ardhendumauli Kumar Prasad will be arguing that the matters dealt with in the Madras High Court had already been ruled upon in Bombay - something that the Madras judges disagreed with. Many within India hope that the judgment on fly in, fly out lawyering will stand, since it means that local firms have access to the expertise of international firms on foreign legal issues without the expense of travel.

Legal aid budget is disappointingly low, says Australian Law Council

2012-05-15T11:22:44Z

Funding for legal aid services in Australia is disappointingly low, according to the Law Council of Australia after the release of the Australian government’s 2012-13 budget. Law Council president Catherine Gale said despite clear indications that a lack of funding for legal aid is having a serious impact on the ability of many Australians to access legal services, the Government has chosen to overlook this crucial issue. The Commonwealth provides a lower proportion of annual legal aid budgets than it did in 1997, when it contributed around 55% to the States’ share of 45%. The Law Council believes that the Commonwealth contribution should be at least 50 per cent. “All Australians have a fundamental right to access legal advice and services, regardless of their means and the Law Council and its constituent bodies have been calling on the Commonwealth Government to address the underfunding of the legal assistance sector for well over a decade," said Gale.

Departing Dewey partner claims $61m from firm

2012-05-15T11:26:01Z

As the partnership of Dewey & Lebouef’s partnership scatters across the legal services market, one senior partner has made an audacious claim against the firm, claiming $61 million from the firm as he departs for White & Case. Leading mergers and acquisitions partner Mort Pierce, notable for his proud boast of regularly billing 3,000+ hours a year, was on a huge retainer estimated at about $6m per year. Although it is unclear how Pierce arrived at the sum of $61 million, industry observers speculate that the sum could be a combination of money that Pierce invested in the firm, deferred compensation and retirement funds. P It does seem rather unlikely, in light of the firm’s headlong rush toward oblivion, that he’ll be able to recover the sum.

2nd juror dismissed in Roger Clemens trial

2012-05-15T17:45:55Z

2nd juror is dismissed in the Roger Clemens trial . . . for sleeping during trial. Keeping your triers-of-fact engaged is a critical part of trial strategy.

Exodus of Dewey partners includes half of the firm's leadership team

2012-05-10T16:54:48Z

Winston & Strawn has scooped up 24 litigation partners from ailing law firm Dewey & LeBouef, taking on a group of around 60 lawyers in total. Among the transferring group is Jeff Kessler, chair of the firm’s litigation department and a member of the office of the chairman, along with Seth Farber, Susanne Jaffe Bloom, Paul Victor and Harvey Kurzweil. Meanwhile, Richard Shutran - chair of Dewey’s corporate department and a member of the office of the chairman - is leaving Dewey for O’Melveny & Myers, along with Junaid Chida, the co-chair of the firm’s renewable and clean energy practice, Art Hazlitt, the chair of the firm’s tax department, and two other partners. The departure of Jeff Kessler and Richard Shutran means the loss of half of the four person team appointed to the office of the chairman - the primary leadership organ of the firm.

Singapore firm Shook Lin & Bok hires BLP lawyer as India head

2012-05-10T17:08:37Z

Singapore firm Shook Lin & Bok has hired Berwin Leighton Paisner senior associate Azmul Haque as a partner and the co-head the firm’s India practice. Shook Lin’s Senior Partner, Sarjit Singh Gill, in the press release said, “Azmul is an exceptional international lawyer, having both significant international transactional experience, as well as invaluable knowledge of the Indian legal market place and extensive experience of doing deals in India and for Indian clients overseas. We are very pleased to have him on‐board. His addition to the India Practice will help us to broaden our scope of service to clients.”

UK firm Weightmans posts 33% revenue increase

2012-05-10T16:50:26Z

UK law firm Weightmans has posted revenues of £77.1 million in the 2011-12 financial year, an increase of nearly 33% that may see the firm enter the top 50 UK law firms by revenue.   £15 million of the £19 million increase in revenue is attributable to the firm’s merger with employment and disputes boutique Mace & Jones last May, and its acquisition of regional firm Vizards Wyeth's insurance division in April 2011. The other £4 million of the revenue increase comes from organic growth.    Managing partner Patrick Gaul said: "We're going to keep on doing the things we do well, ensure we make the most of our investment and our people and really fulfill our potential. We want to build on our presence as a national law firm, have an outstanding offering in insurance and become a serious player in the commercial market."

Salans closes Hong Kong office to focus on Shanghai

2012-05-10T17:00:02Z

Salans has closed its Hong Kong office weeks after pulling out of Beijing as it shifts the focus of its China practice onto Shanghai. Salans has closed its Hong Kong, just one month after closing its Beijing base. The firm has indicated that is pursuing a strategy of focussing its resources on Shanghai. The firm signed a new cooperation agreement with its local firm Pang & Co, with which it has had an association since launching in Hong Kong in April 2009, under which Salans will refer Hong Kong law work to Pang & Co. A firm spokesperson said: “Salans will continue servicing clients’ Hong Kong legal matters through co-operation with Pang & Co, which has been working with us closely for three years,” adding: “Pang & Co will refer international law related work to us. After the transition, there won’t be much actual difference in terms of client service experience.

Dutch firm De Brauw to launch in Singapore

2012-05-09T20:16:10Z

Leading Dutch law firm De Brauw Blackstone Westbroek is waiting on regulatory approval for the launch of a new office in Singapore, which will be its fifth overseas outpost. De Brauw has its headquarters in Amsterdam, and has international offices in Beijing, New York, Brussels and London. The Singapore office will be headed by M&A partner Dieter Wolff, who will relocate from Amsterdam along with senior M&A associated Lennard Keijzer. The firm’s managing partner Martijn Snoep said: "Especially given the current economic climate in Europe, our clients are extending their business activities to growth markets in Asia and we, of course, want to be there with them. Our office in Beijing, which we opened in 2010, is clearly meeting a demand. Opening an office in Singapore will further increase our ability to advise our clients in South-East Asia. Where necessary, we will do this in cooperation with renowned local firms that we have built up a close network with over the past few years and with our Amsterdam office."

Tough going in Scotland: redundancies, defections and shutters

2012-05-09T20:11:27Z

Scottish firm Maclay Murray & Spens has initiated a redundancy consultation in its Private Client department, with four support staff roles and two legal roles at risk. Rumour has it that there is a risk that the redundancies will spread to other departments, but the firm denies this. A spokesperson said: "we are very aware of the personal impact of this process on the individuals affected and will be working with them to provide appropriate support and assistance in the coming weeks". Meanwhile, another Scottish firm - Dundas & Wilson - seems to be in a spot of trouble with the departure of two leading partners. Peter Willis leaves the firm for the partnership at Bird & Bird, and John Verrill is set to join Chadbourne & Parke. These latest departures make the firm’s problems even more acute, after the resignation of the firm's Managing Partner, 28 redundancies and a failed merger with Bircham Dyson Bell. And just in case that wasn’t enough disheartening news from Scotland, well known Scottish law firm Ross Harper has gone down in flames, after failing to meet its debt obligations.

DLA Piper promotes seven to the partnership in Asia-Pacific

2012-05-09T20:04:07Z

DLA Piper has promoted seven lawyers to the partnership across the Asia-Pacific region, and has elevated six lawyers to special counsel. The details of the promotions are as follows: Partners Richard Edwards, Litigation & Regulatory, Perth Anderson Lam, Corporate, Hong Kong Phil Lam, Corporate, Hong Kong Bruce Linke, Finance & Projects, Melbourne Simone Mitchell, Intellectual Property & Technology, Sydney Mike Suen, Corporate, Hong Kong Kaichen Xu, Corporate, Shanghai Special counsel Janet Abboud, Litigation & Regulatory, Sydney James McIntyre, Litigation & Regulatory, Brisbane Jasmine Price, Litigation & Regulatory, Sydney Nikki Scoble, Litigation & Regulatory, Sydney Bryan Wee, Litigation & Regulatory, Melbourne Mark Worsman, Intellectual Property & Technology, Sydney

NY Bar to require 50 hours pro bono service for professional license

2012-05-09T20:22:56Z

Law students taking the bar in New York next year will be required to do 50 hours of pro bono work as a condition of their license to practice. Chief Judge Jonathan Lippman, who introduced the change last week, pointed out that around 10,000 people pass the New York Bar Exam annually, and this pro bono requiremenr means about half a million hours of free legal work yearly, which will help fill “the justice gap” for the poor, working poor “and what has recently been described as the near poor”.

Dutch PE boutique adds new name partner Edwin Liem

2012-05-08T13:20:10Z

Van Campen & Partners, the boutique private equity firm that spun off from Baker & McKenzie’s Amsterdam office earlier this year, has hired its eighth partner. Edwin Liem joins the firm from the partnership at Baker & McKenzie, bringing a team of 10 lawyers and civil law notaries. The firm has rebranded as Van Campen Liem following his arrival. Partner Maurits Tausk, who has been with the firm since its launch in February, said: “The route to setting up the firm has been smooth, it’s been quick and efficient,” adding: “We’ve now got the corporate, tax and notary capability that we need.”

Hastings College of Law cuts admissions

2012-05-08T13:17:11Z

The University of California Hastings College of Law has decided to admit 20% less students this year, as part of an effort to shift legal education to better respond to the realities of the legal services market. Chancellor Frank Wu said: ‘The critics of legal education are right…There are far too many law schools and there are too many law students and we need to do something about that.” Wu says the problems faced by law schools are part of a larger shift in the legal industry that has people questioning the value of a JD and filing lawsuits over allegedly misleading job statistics from law schools. The National Law Journal reports that loans for law school tuition for students who will graduate in 2015 and 2016 will average $195,265 and $200,595 respectively.

Baker & McKenzie holds on to 1st place in ranking by revenue

2012-05-08T13:24:08Z

American Lawyer has released its new rankings, with some interesting results. The top 100 firms worldwide showed an average 5.3 per cent increase in gross revenue and an average headcount increase of 3.3 per cent. Revenue per lawyer was up 1.9 per cent, and profits per partner grew by 3 per cent. The top ten firms by revenue were: 1) Baker & McKenzie with a revenue increase of 7.7% to $2.27 billion 2) DLA Piper with a revenue increase of 14.6% to $2.24 billion 3) Skadden Arps Slate Meagher & Flom with a revenue increase of 3.1% to $2.17 billion 4) Latham & Watkins with a revenue increase of 11.6% to $2.15 billion 5) Kirkland & Ellis with a revenue increase of 7.7% to $1.75 billion 6) Hogan Lovells, whose revenues stayed flat, brought in $1.67 billion 7) Jones Day with a revenue increase of 2.2% to $1.65 billion 8) Sidley Austin with a revenue increase of 5.6% to $1.42 billion 9) White & Case with a revenue increase of 4.1% to $1.33 billion 10) Greenberg Traurig with a marginal revenue increase of 0.6% to $1.24 billion