The Big Question
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| Analysis
One in two firms size up ABS reform plans
By Claire Ruckin | March 3, 2010
City partners believe alternative business structures (ABSs) will have a significant impact on the profession, according to new research which shows nearly one in two firms are considering taking advantage of the reforms. The latest Big Question survey found partners at the UK's top law firms thought ABSs would impact on the profession 'significantly' (33%) or to an extent (43%). No one surveyed expected the changes brought in by the Legal Services Act to have no impact.
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| Analysis
Clients lack awareness of demands of value-added services, say partners
By Jeremy Hodges | February 17, 2010
Leading City partners believe that many clients do not have a realistic view of the time and cost of providing value-added services such as secondments, despite holding the services in high regard. The latest Legal Week Big Question survey found that while more than 90% of respondents believe clients hold additional services in high regard, more than two-thirds (67%) of partners believe clients have an unrealistic view of the time and cost that law firms spend on value-added offerings.
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| Analysis
Law directories divide the partners judged
By Emma Sadowski | January 27, 2010
Whether sour grapes or genuine grievance, commercial partners have grown increasingly doubtful regarding the influence and rigour of the major legal directories. The latest Big Question survey found some partners questioning their accuracy and relevance, with 71% of respondents arguing that directories lacked rigour. In contrast, only 7% judged the major directories to be either 'excellent' or 'good' in terms of the quality of their research.
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| Analysis
Law firm confidence rebounds for 2010
By Emma Sadowski | January 13, 2010
Senior City lawyers are facing 2010 in a considerably more optimistic mood according to new research, which shows business confidence rising sharply over the last three months. Legal Week's quarterly business confidence survey found that 83% of responding partners expect revenue growth at their own firm over the next 12 months, a result that is up sharply on the last poll in October, when just 58% were expecting growth.
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| Analysis
Partners reject case for diversity quotas
By Legal Week | December 9, 2009
City partners remain implacably opposed to using any form of quota to tackle diversity issues despite 20 years of initiatives making little progress in promoting at the senior levels in the legal profession. Eight out of 10 partners think there is little or no merit in any form of quota system to tackle diversity, arguing they could lead to 'reverse discrimination', according to the latest Legal Week Big Question survey.
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| Analysis
Partners divided over value of lateral hires
By Legal Week | November 26, 2009
The City is split over whether lateral partner hires deliver real benefits to law firms, with those firms opting to bring in partners from the magic circle felt to face the greatest challenges. The results of the latest Legal Week Big Question survey show that just less than half of partners (47%) believe lateral partner recruitment has a 50/50 chance of delivering substantive commercial results, with a further 20% arguing such hires 'rarely' work out. Only 32% of respondents think lateral hiring 'often' or 'nearly always' delivers results.
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| Analysis
Partners seek new models but wary of LPOs
By Legal Week | November 4, 2009
City partners increasingly believe the law firm model will have to be overhauled but remain sceptical that legal process outsourcing (LPO) will be a major part of the revolution. The latest Legal Week Big Question survey shows that partners are currently divided over the ability of LPO businesses to expand in commercial legal services, with only 13% of respondents seeing major prospects for growth. A further 34% predicted 'considerable' expansion while 53% expected little or no growth from LPO firms in the legal industry.
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| Analysis
Partners eye rapid revenue growth in Asia
By Legal Week | October 21, 2009
At a time when many City firms cite Asia as their best opportunity for growth, nearly half of partners are predicting double-digit revenue hikes in the region over the next 12 months. The latest Legal Week Big Question survey found that some 47% of partners believe they will see Asian revenues increase by more than 10% over the coming year, with 32% predicting turnover increases of between 10% and 15% and a further 16% expecting growth of more than 15%.
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| Analysis
Confidence edges up again from spring low point
By Legal Week | October 6, 2009
Law firm business confidence has recovered for the second quarter in a row with more than half of partners now expecting revenue growth at their own firms over the next 12 months. Legal Week's latest quarterly business confidence survey found that 58% of partners expected revenue growth at their own firms over the next 12 months. This includes 18% who believe that income will grow by 5%-10% and 8% who expect growth to reach double digits. Only 13% of responding partners reckoned that revenues will contract over the next 12 months.
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| Analysis
Turmoil jades lawyers' view of bankers
By Legal Week | September 23, 2009
City partners remain ambivalent about the influence of the banking sector on the legal profession, with many lawyers' view of bankers being affected by the financial crisis. The latest Legal Week Big Question survey shows that partners are divided about both how the banking sector should be regulated and the influence of banks on law firms.
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