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Answer: Zero
An old economics adage is that the value of anything is the price someone will pay to purchase it. Therefore the market value of any large law firm will be zero.
When valuing a company for a potential purchase, buyers will determine the various assets held by the target,along with
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| image [cc] EJ Images |
Bruce and Janet of AdamSmithEsq recently published an article on ATL about the reasonableness of firms providing PPMs to in-coming laterals. I believe the idea is sound. Since in-coming laterals are effectively investing in a privately held company, they should have access to the full financial picture of the company. A
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Legal Project Management (LPM), perhaps THE legal buzz-phrase of 2012 continues to increase in popularity. The basic thinking behind it is centered on efficiencies. Many clients are asking their firms to become more efficient. As I have noted in the past, they might want to be more specific about what they
The popular series on Growth is Dead from Bruce MacEwen at Adam Smith Esq blog is now available in e-Book form.
Bruce brings insightful information and commentary on the state of the legal profession and how it can adapt to the changing market. He peels back the layers of the economic forces pushing the legal market in to new
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Recently I read a report entitled: Legal Process Outsourcing: LPO Provider Landscape. The report was released in September, but just came to my attention recently. I recommend it as required reading for anyone following the market for legal services.
I have previously commented on how LPOs are coming after law
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I have previously called out 2012 as The Year of Pain for law firms. The basic premise is that market demand is flat (per the many market reports) and that firms have run out of cost cutting ideas, such that costs are rising (also per the many market reports). The
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The recent dialog about Procurement’s role in the purchasing of legal services has been nagging at my brain. I wrote a piece for a book on the subject and basically suggested in-house lawyers beat Procurement to the punch. The fallout of that effort was my series on the subject.
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Dear Client,
You have been pretty clear about wanting to save money. AFAs, bigger discounts and all sorts of ‘cost savings’ messages are being sent to firms. Law firms have responded with an array of pricing proposals, which are often set aside in favor of bigger discounts. Whether this saves you money or not, no one is sure. But at least
Geek #1 and I had the opportunity to get a preview of the new Lexis Practice Advisor (LPA) Corporate Counsel Module. Now you might wonder why the two of us would care about such a product, given our roles in large firms. Well … it’s precisely those roles that make this new tool an interesting development.
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| Image [cc] miss_rogue |
After listening to a panel of managing partners at the College of Law Practice Management’s Futures Conference on law firm culture, my thinking on the subject of culture and accountability came into focus. Culture (such as it is) drives decision making in firms. This is the case since firms make so many decision based