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| Image [cc] StockMonkeys |
Some recent activity on Twitter got me thinking. People love to bag on BigLaw (me included). Much like taking shots at Microsoft or Blackberry, BigLaw is an easy target for many. Large firms move slow, are managed by committee too often, and appear to have an aversion to decision making (see how
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| image [cc] KevinLouage |
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] MetaGRRRL |
[Note: Here’s a guest post from someone riding the BigLaw Cruise ship of Whitestar, Titantic, and Iceberg LLP… enjoy, and we’ll all meet over at the bar when you’re through reading it. -GL]
In the rest of the world it’s August 2012, but at my firm it’s April 1912. You see, I
When Dewey & LeBouef filed for Chapter 11 protection, the firm listed the unsecured creditors, and three of the biggest losers on the list were Thomson Reuters (owed $2.3 million), LexisNexis (owed $1.4 million.), and CCH (owed $650K.)
Although the total amount of legal research to debt is something like 1.7% of the total,
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| Image [cc] lightsight |
Although more than enough has been written about the impending demise of Dewey and the relative causes, I decided to go ahead and add my 2 cents to the dialog.
A recent blog post on the subject caught my eye. It made the assertion that, “Whether it’s Davis’s earlier “10-to-1″ spread, the
I saw an interesting visual of where all the Dewey & LeBoeuf partners went on a Thomson Reuters’ site earlier today. The graphic illustrates the firms that picked up the laterals, the names of the lateral partners, and their practice areas. The Dewey situation has been like watching a train slowly wreck, day after day,
… and I thought I was alone… unique… special in some way. I thought I was the only blogger at my firm, but it turns out I was not alone. Yesterday, I found another person at my firm that was blogging. Not just any person either, but (“gasp”) a Partner!! Luckily, it turned out that
When librarians complain about the state of law firm / law publisher relationships, it seems to get ignored or dismissed as simply a standard response. When BigLaw Partners make the same complaints, it seems people stand up and notice.
Just for fun, go ahead and contrast this to the Law Firm / Client relationship
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| photo credit: Travis S. |
For this week’s Elephant Post, we dive into the core issue of how law firms (mainly BigLaw) are starting to split the Associate ranks into a “Partner Track” and a “Permanent Associate” track. Many of us have heard Associates talk about something like this for years… where they want
Between last Thursday’s Elephant Post and today, the BigLaw firm of Howrey ceased to exist. In talking with some of the people at the local Houston Association of Litigation Support Managers (HALSM) yesterday, I heard the local office of Howrey changed all of the computers, telephones, login, and email accounts overnight to Winston and Strawn.