The Big Question
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| Analysis
Low-balling now common - but many think firms offer poor value for money
By Suzi Ring | October 6, 2010
Nearly nine out of 10 law firms are habitually offering discounts on their headline billing rates according to new research, which casts doubt on the value for money offered by commercial law firms. The latest Big Question poll of partners found that 88% of firms are typically offering discounts on their headline rates, with 42% usually discounting by 5%-10%, while just over a third usually cut rates by 10%-20%. One in 10 respondents said that their firms were regularly discounting headline rates by 20%-30% while 12% said their firms generally avoided discounting.
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Partners undaunted by law firm collapses
By Friederike Heine | September 15, 2010
Partners remain bullish that their firms can withstand financial shocks or the impact of mass partner departures despite the aftermath of Halliwells' recent collapse, according to new research. The latest Big Question survey found that 77% of partners remain confident that their firm is able to avoid 'severe financial problems' or a full-scale collapse. In contrast, only 17% of the 158 respondents to the survey admitted that they were 'a little' worried, while 6% of partners stated that they were 'very worried' about their firm.
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| Analysis
Partners anxious about career prospects
By Friederike Heine | September 1, 2010
The majority of senior lawyers are anxious about their future career prospects, with many doubting the value of their business contacts outside of the support structure of their law firm, according to Legal Week's latest Big Question survey. In a legal landscape where regular lateral moves throughout a partner's career are now commonplace, many feel uncertain about their future career path. Seventy-four percent of respondents expressed some level of anxiety about their professional future - including 30% who said they were 'quite' or 'very' anxious - while only 26% felt completely confident.
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| Analysis
Partners see no quick end to pricing pressure
By Friederike Heine | July 21, 2010
The vast majority of senior lawyers are expecting clients to maintain pressure on law firms to cut their rates over the next 12 months, according to Legal Week's latest Big Question survey. Ninety-six percent of respondents to the survey believe clients will continue to push for discounts amid uncertain market conditions. Of this majority, 37% stated that pressure would increase 'substantially', while almost half (46%) stated that it would increase to a 'considerable extent'. Only a small minority of 4% responded that rates were becoming less of an issue.
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| Analysis
Nine out of 10 partners forecast growth
By Friederike Heine | July 7, 2010
Law firm business confidence bucks gloomy mood in Q2 to reach highest levels since January 2008 as an overwhelming majority of partners expect growth over next 12 months. Friederike Heine reports
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| Analysis
Partners wary of expected US/UK mergers
By Friederike Heine | June 9, 2010
Senior lawyers are expecting more mergers between US and UK law firms in the wake of the creation of Hogan Lovells and SNR Denton, but many remain sceptical of the tangible benefits of such tie-ups, according to Legal Week's latest Big Question survey. Ninety-two percent of respondents to the survey felt that the two recent high-profile deals are likely to lead to an upturn in merger activity between large US and UK practices, including 13% who said such tie-ups are 'much more likely'.
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| Analysis
Partners cynical as non-equity ranks grow
By Friederike Heine | May 5, 2010
Senior lawyers remain ambivalent about the impact of the growing band of salaried partners at major law firms on the partnership model, but believe their ranks will continue to swell. This is the key finding from the latest Big Question survey, which found that 60% of respondents felt that there were too many salaried partners in leading law firms, including 33% who said there were 'far too many'.
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| Analysis
Law firm confidence dips as election looms
By Friederike Heine | April 14, 2010
Recovering business confidence levels have stalled during the first quarter of 2010, as City partners face the coming months with lingering uncertainty, according to Legal Week research. Legal Week's quarterly business confidence survey, which canvasses senior lawyers on their outlook for the year ahead, found 7% of respondents predicting that fee income at their firm will see a double-digit percentage increase over the next 12 months, after 15% of respondents predicted as much three months ago.
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| Analysis
Two-thirds of partners backing Conservative election victory
By Friederike Heine | March 30, 2010
City partners are backing David Cameron and the Conservative Party as the most credible option in this year's general election, despite persisting doubts over Tory economic policy and recent polling figures indicating the possibility of a hung parliament. Almost two-thirds (63%) of respondents to Legal Week's latest Big Question survey said they are likely to vote Conservative in the upcoming election, compared with only 20% who support for the Labour Party and 15% for the Liberal Democrats.
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| Analysis
Partners want junior pay freeze extension
By Suzi Ring | March 17, 2010
The latest Legal Week Big Question survey has found that many partners believe assistants should either definitely or probably see the 2009 pay freeze introduced at most large law firms extended in 2010. More than a quarter (27%) said they 'very much' believe the freeze should continue, with a similar number (24%) claiming this should 'probably' happen. The majority of respondents (around one third) had mixed feelings on the subject, leaving only 15% strongly arguing that the freeze should not continue.
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