Tag Archives: Law Firm Finances

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Big Law Clings to ‘Guild-Like Veneer’ As ‘Super Rich’ Firms Pull Away

Big Law Clings to ‘Guild-Like Veneer’ As ‘Super Rich’ Firms Pull Away

By J. Stephen Poor, Chair Emeritus, Seyfarth Shaw LLP This year’s AmLaw 100 results have been published and the story told is much the same as in the past few years. Overall, the industry continues to grow — albeit at a slower pace. As in prior years, growth is not uniform.  Rather, the results are

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Bigly Expansion & Decline: Big Law Market Share By The Numbers

By the numbers, which big law firm has gained the most revenue since the recession? We decided to take a look at the largest 100 U.S. law firms and compile a data set from archived records of financial rankings in The American Lawyer. It was a fairly simple, but time-intensive process, which entailed taking the 2007 list

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TFW Dewey Execs ‘Lied’ and 16 More Quotes From Our Aric Press Podcast

The former editor of The American Lawyer, Aric Press sat down with Big Law Business for an interview for our podcast earlier this month. We talked  with Press about his career, the business of law and law firm rankings, and what he’s learned about the legal industry since becoming a consultant. Below are some highlights from the podcast.

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Growing Revenue Matters More Than Managing Expenses

Editor’s Note: The author of this post works for Citi Private Bank Law Firm Group.  By Gretta Rusanow, Senior Client Advisor, Citi Private Bank Law Firm Group With the ever increasing pressure on law firm pricing, where does the biggest opportunity lie for firms to improve profitability – focusing on revenue growth or doubling down on

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Porter’s Five Forces are Actually Relevant to Law Firms

By Lisa Smith, Principal, Fairfax Associates For years we have tried to adapt traditional business strategy to the law firm environment. Sometimes that worked and sometimes it didn’t. Economist Michael Porter published his article on “How Competitive Forces Shape Strategy” in the Harvard Business Review in 1979. The article defined a methodology for evaluating the

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Envisioning Profits, Law Firms Find Tough Market in China, Study Says

This January, while traveling in London, Fried, Frank, Harris, Shriver & Jacobson’s chairman David Greenwald sent an email to everyone explaining the firm’s decision to “substantially downsize” its Hong Kong and Shanghai offices. “Our growth potential in Asia was not sufficiently attractive,” Greenwald wrote, “… (Not) without significant additional investment.” A forthcoming U.C. Berkeley study focused on mainland China

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Latham Leader: Be Honest If It’s A Body Blow

Photo by Skeeze (Pixabay) Peter Gilhuly, a partner at Latham & Watkins, has advised once-venerable law firms such as Howrey, Brobeck and Thelen, as they scrambled to survive, then collapsed. Gilhuly, who is co-chair of Latham’s global insolvency practice, spoke to Big Law Business about steps law firm leaders can take to decrease the chances of substantial partner defections,

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Harvard Prof: Law Firms Must Integrate Partners, Institutionalize Clients

David Wilkins, professor of law at Harvard University and Director of the Center on the Legal Profession, said partners are increasingly switching firms in groups — as demonstrated by at least 12 Pillsbury Winthrop Shaw Pittman partners who are joining Winston & Strawn. Wilkins explained what’s driving this trend, and why he expects it to continue at

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