The Big Question
-
| Analysis
In-house lawyers deserve bonuses and more pay, say GCs, as work/life balance remains the biggest draw
By Alex Newman | May 15, 2014
In-house lawyers believe general counsel at leading companies remain underpaid compared to other senior executives despite recent publicity over the high levels of pay received by some GCs in the banking sector, according to Legal Week's latest Big Question survey
-
| Analysis
KWM-SJB tie-up gets cautious thumbs up as other merger moves fail to convince
By Pui-Guan Man | March 13, 2014
SJ Berwin's merger with King & Wood Mallesons (KWM) has been met with guarded optimism by law firm partners, who are more cynical about other recent high-profile tie-ups. Legal Week's latest Big Question survey has found that nearly 50% of partners believe legacy SJ Berwin's merger with Asia-Pacific giant KWM, which went live last November, looks like a good deal, while a further 6% believe the tie-up will be game-changing. However, 44% of respondents have a 'negative' or 'very negative' view of the union. Nearly half (46%) of partners see the KWM combination as being on a par with other sizeable international mergers in recent years, namely Norton Rose's tie-up with Texas firm Fulbright & Jaworski, which went live last June, US firm Hogan & Hartson's merger with City firm Lovells in 2010 and the three-way union between SNR Denton, Salans and Canada's Fraser Milner Casgrain last March forming Dentons.
-
| Analysis
Banking sector clients have too much sway over their legal advisers, say partners
By Pui-Guan Man | December 12, 2013
An overwhelming majority of partners believe that banks wield too much influence over their legal advisers when it comes to representing other businesses, according to new research....
-
| Analysis
Stronger economy and healthy half-year revenues fuel confidence boost at top firms
By Alex Newman | November 21, 2013
Buoyed by a surge in transactional activity and a stronger economic outlook, business confidence among partners at the top law firms is at its highest point for several years. Results of Legal Week's latest Big Question survey show 94% of partners expect to see revenues climb at their own firm over the next 12 months, while just 4% anticipate a drop in turnover and 2% think it will remain static. Partners also expect revenue across the UK top 50 as a whole to grow in the coming year, with 50% predicting combined revenues will increase by up to 5%. Just 6% of respondents are anticipating a fall in revenue across the group, while 14% believe average turnover will be static. Almost three out of ten are even more optimistic and expect revenues across the group to grow by between 5% and 10%.
-
| Analysis
Location, location, location still key as law firms see offices as vital in attracting clients
By Pui-Guan Man | October 24, 2013
The latest Big Question survey shows that 91% of respondents feel that a law firm's office space significantly influences how clients perceive it, with fewer than one in 10 disagreeing. The vast majority of respondents also regard office space as important in attracting and retaining talent, with 96% describing it as either very (39%) or quite (57%) important. "The location and feel of the office is much more important than you might otherwise think," said Norton Rose Fulbright global head of corporate Martin Scott (pictured, right). "It is essential to have a space that people want to be in. It's been five years since we moved but the building still feels cutting edge.
-
| Analysis
Pay guarantees remain common despite widespread concerns over effectiveness
By Legal Week | September 12, 2013
The majority of partners regard guaranteed pay deals for senior lateral hires as an ineffective weapon in the war for talent, despite a consensus that such deals are common. Fifty-seven per cent of the respondents to Legal Week's latest Big Question survey said guaranteed deals were either not very effective (43%) or made no difference (14%) in helping law firms secure the best talent, with just 12% regarding them as very effective and 31% as quite effective.
-
| Analysis
Partners favour accuracy of hourly rate as fixed-fee billing presents value challenge
By Elizabeth Broomhall in Hong Kong | July 18, 2013
The majority of law firm partners favour the traditional hourly rate model as a more accurate way of billing, despite a continued push from clients to use fixed fees and other alternative billing methods, according to Legal Week research. The results of the latest Big Question survey show that while 63% of respondents find it 'quite easy' or 'very easy' to place an accurate value on work delivered when using hourly billing, 80% described such valuations as either 'quite hard' or 'very hard' when using fixed fees.
-
| Analysis
Pure lockstep out of favour as economic woes prompt partner pay shake-up
By Gerard Starkey | June 13, 2013
Half of the UK's leading law firms have either changed their partner remuneration structure since the onset of the credit crunch or are currently reviewing it, according to Legal Week's latest Big Question survey, which highlights the increasing acceptance of merit-linked pay for partners. Forty percent of partners responding to the survey said their firm had changed its remuneration model for partners since the onset of the financial crisis, with a further 11% in the process of looking at it and an additional 1% saying they had plans to review it. About 41% had made no changes, while 6% said they had reviewed their partner reward system but decided against an overhaul. The findings show that only 10% of respondents work in firms with pure lockstep structures, compared with 27% in firms with pure merit systems and 23% in firms keeping aside part of their profits for rewarding top earners. The largest group – 40% – said their firms operate modified locksteps allowing partners to be moved up or down or held based on their individual performance.
-
| Analysis
Cautious optimism reigns across industry as partners hope for economic bounceback
By Anna Reynolds | May 16, 2013
As the number of firms announcing redundancy consultations this week continued to rise – with news of widespread cuts at Berwin Leighton Paisner – new research from Legal Week has found a surprising degree of business confidence among partners in UK law firms. Results of the latest Big Question survey how that more than 90% of partners expect to see revenues climb at their own firm over the next 12 months, with more than 80% expecting the same to be true across the UK's 50 largest law firms by revenue as a whole. The research found more than half of respondents (53%) expect to see revenue at their own firm climb by more than 5% over the coming year, with a further 41% predicting more modest increases of between 0% and 5%. Meanwhile, only 6% of partners expect to see their firm's revenues fall.
-
| Analysis
Outsourcing out of favour as majority of partners back more near-shoring schemes
By Anna Reynolds | April 18, 2013
The majority of partners at UK law firms believe firms should set up their own near-shoring ventures to cut costs ahead of sending work to outsourcing companies, according to new research published in the wake of several firms scaling back contracts with Integreon. Legal Week's latest Big Question survey found nearly two-thirds (64%) of respondents believe own-firm near-shoring ventures in cheaper locations such as Belfast or other regional UK locations provide a better alternative to outsourcing companies for both legal process and back office support. A further 18% said firms should look to set up their own offshore ventures in regions such as the Philippines and India, with only the same percentage coming out in favour of outsourcing companies.
More From ALM
View Now
View Now
View Now
London
Celebrate outstanding achievement in law firms, chambers, in-house legal departments and alternative business structures.
Learn More
Johannesburg
The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.
Learn More
Philadelphia, PA
The Legal Intelligencer honors lawyers leaving a mark on the legal community in Pennsylvania and Delaware.
Learn More
Truly exceptional Bergen County New Jersey Law Firm is growing and seeks strong plaintiff's personal injury Attorney with 5-7 years plaintif...
Apply Now ›
Epstein Becker & Green is seeking an associate to joins its Commercial Litigation practice in our Columbus or Cincinnati offices. Ca...
Apply Now ›
Job Opportunity: Location: Prestigious Florida Law Firm seeks to hire a Business attorney with at least 5 years of experience for their Ft. ...
Apply Now ›
Connecticut Law Tribune
MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS
View Announcement ›