The Big Question
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City lawyers match anti-market mood to back bank bailout deal
By a:1:{i:0;s:1:" ";} | October 16, 2008
City partners have shrugged off their free market principles to support the UK Government's historic £400bn bank rescue package that will see the state partially nationalise swathes of the UK financial system. The latest Legal Week Big Question survey found that City lawyers are entirely in tune with the mood of the times - which has seen the UK Government rapidly shift towards policies that would have been unthinkable a few weeks ago - in the wake of prolonged market turmoil.More than a quarter of respondents (27%) said the proposals announced last week to inject up to £50bn of public funds capital directly into banks were 'very much' justified, while a further 50% of respondents viewed such a stance as 'justified'.
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Redundancy programmes prompt reputational fears among partners
By a:1:{i:0;s:1:" ";} | October 2, 2008
Almost half of partners believe lawyer redundancy programmes have a major negative impact on law firms' reputations, according to new research. The latest Legal Week/Big Question survey findings follow several City firms - including Freshfields Bruckhaus Deringer and LG - announcing job losses as a result of the credit crisis, following in the wake of a stream of redundancies at national and regional firms. Despite the number of firms announcing redundancies to date, results from the survey show that 39% of respondents think publicly laying off lawyers has a negative impact on firms' reputations, with a further 6% arguing that the effect is 'very bad' and hard to shake off.
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Forget herding cats - leadership is key to success for law firms
By a:1:{i:0;s:1:" ";} | September 12, 2008
Leading City lawyers believe strong management has helped drive law firms' success in recent years, with new research showing partners are now ascribing far more value to effective leadership than in the past. The latest Legal Week/Big Question survey found that 96% of partners cited effective leadership as being either 'very important' or 'important' to the success of a sizeable commercial law firm. There was not a single respondent who believed management was not at all important in achieving success. Crucially, the survey, which is based on responses from 153 partners, revealed that partners believe those at the coalface are now much more appreciative of the importance of strong leadership at firms, with 55% saying partners attribute 'considerably more' value to leadership now than five years ago. A further 12% said attitudes have changed 'greatly' over the period. Linklaters private equity partner Ian Bagshaw said: "Strong leadership is fundamental to the success of a global firm. There are more and more opportunities open to firms now - sometimes more than they can handle. The quality of the managing partner is to maximise the potential of those opportunities - it is this strategic leadership that firms require."
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Partners reject calls for pro bono ranking but believe it would help
By a:1:{i:0;s:1:" ";} | July 30, 2008
Senior lawyers remain deeply ambivalent regarding attempts to rank and disclose pro bono activity despite a clear majority believing such initiatives would boost commercial firms' non-profit activities.This is the key finding of the latest Big Question survey, which found that 63% of respondents believe that ranking firms' commitments to pro bono would increase the level of pro bono work undertaken. A further 9% said that such a league would 'greatly increase' pro bono activity, while 28% believed it would have no effect or a negative impact.
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City partners predict harder times but growth will continue
By a:1:{i:0;s:1:" ";} | July 17, 2008
Despite a stream of negative headlines and gloomy predictions that the UK is entering into a recession, two-thirds of senior City partners are still forecasting revenues to increase over the next 12 months. Legal Week's quarterly business confidence poll shows that while confidence levels have fallen for the third quarter in a row, many of those surveyed still expect commercial law firms to keep growing through the downturn. Just under 54% of respondents to the Big Question survey said they expected billings at their firm to increase by up to 10% over the next 12 months, while a further 11% were bullishly predicting growth of more than 10%.
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Image problem is holding back on careers after law, admit partners
By a:1:{i:0;s:1:" ";} | June 26, 2008
Partners at leading City firms face an uphill struggle to win senior roles after a career in law, with the overwhelming majority believing commercial lawyers suffer from an image problem in the wider business community. Results of the latest Legal Week Big Question survey found that 94% of respondents believe commercial lawyers have some level of image problem within the business community, with around one third of respondents claiming it to be a 'considerable' problem.
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Charge-out rates will continue to rise despite economic downturn
By a:1:{i:0;s:1:" ";} | June 4, 2008
More than three-quarters of senior lawyers believe charge-out rates at leading commercial law firms will rise over the next 12 months, despite growing pressure from clients to cut back on fee increases because of uncertain market conditions.Results of the latest Legal Week Big Question survey found that just under a fifth of partners (19%) believe clients should brace themselves for above-inflation rises.
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Charge-out rates will continue to rise despite economic downturn
By Charlotte Edmond | June 4, 2008
More than three-quarters of senior lawyers believe charge-out rates at leading commercial law firms will rise over the next 12 months, despite growing pressure from clients to cut back on fee increases because of uncertain market conditions.Results of the latest Legal Week Big Question survey found that just under a fifth of partners (19%) believe clients should brace themselves for above-inflation rises.
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Online special: Leaner market ushers in 'Darwinian' approach as staff turnover slows up
By a:1:{i:0;s:1:" ";} | May 14, 2008
Staff turnover of once-mobile junior lawyers is set to fall in response to the leaner commercial environment but associates aiming to stay put are likely to face tougher performance reviews. That is the message coming from the latest Legal Week Big Question survey, which found that nearly two thirds of respondents (62%) believe that current market conditions will see staff turnover fall, while a further 5% said it would fall 'drastically'. In contrast, only 13% thought that staff turnover was set to rise.
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Online special: Partners to deliver reality check to Gen Y assistants in tough pay round
By a:1:{i:0;s:1:" ";} | April 30, 2008
Junior City lawyers - especially in property and banking - should not expect large salary hikes this year but the best mid-level associates remain in demand, according to new research.Those are the key findings of the latest Big Question survey, which underlines widespread expectations that the current slowdown in commercial activity has ended the upward pressure on salaries for most levels of assistants.
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