The latest development in the ongoing saga to convince workers to return to the office full-time is sadly predictable. Some law firms are becoming more vocal in suggesting that those who don’t return to the office will be laid off in the next economic downturn. A recent article published by JD Supra is indicative; it’s […]
Reuters reports that UK-based Freshfields Bruckhaus Deringer has signed a 15-year lease for new larger offices in New York City. Freshfields is no stranger to New York; it opened its NYC office in 1977 and now has more than 200 lawyers in the U.S. It has had a good track record of hiring lateral partners […]
A recent article published in the Global Legal Post does a good job summarizing what some of the so-called “Magic Circle” U.K. Firms have been doing to grow their presence in the U.S. Specifically, the article identifies recent moves made by Allen & Overy, Freshfields, and Linklaters to hire lateral partners from Am Law 100 […]
The first third of the year is behind us and it’s an opportune time to analyze your law firm’s financial performance and make changes to grow revenue and improve profitability. Your financial reports should be complete through the end of April, and four months of results are enough to identify potential changes in course. This […]
We are used to seeing articles involving Am Law 200 firms who raid each other for lateral partners. We might be seeing the beginning of a new development—international firms, especially those based in the UK, joining the lateral partner fun. The news of Allen & Overy’s entry into the Boston market has largely flown under […]
On March 9, President Joe Biden signed a new Executive Order (the “Executive Order”) calling for a renewed focus on the quickly evolving world of cryptocurrency. The Executive Order sets priorities for the U.S. Government, including creating a digital currency authorized by the U.S. Government. While many bitcoin purists might argue that government involvement has […]
On February 25, 2022, an open session of the California State Bar’s Closing The Justice Gap Working Group (“CTJG” or “Working Group”) took place that could pause the short-term prospects of allowing non-lawyers to own and invest in law firms. Specifically, the Working Group made three potentially game-changing decisions. First, and most importantly, the Working […]
With all the changes impacting law firms right now, it would be easy to overlook an important regulatory development that recently took place. In November, the Florida Bar Association’s Board of Governors unanimously voted down proposals to test nonlawyer ownership and fee sharing in legal practices. The decision represents a sharp deviation from the trend […]
Despite some highly publicized news about the decline of California, it continues to have by far the largest number of residents in the country, and along with Texas and Florida accounts for over a quarter of the total U.S. population. Los Angeles maintained a real GDP of approximately $726 billion in 2019, with Orange County […]
On September 8, the American Bar Association (ABA) addressed lawyers’ ethical obligations as investors in firms with nonlawyer owners. Formal Opinion 499, issued by the Standing Committee on Ethics and Professional Responsibility, permits attorneys throughout the country to act as passive investors in Alternative Business Structures (ABS) that may not be allowed within a given […]