Legal News Updates

Discussion in 'Commercial Awareness Forum' started by Daniel Boden, Apr 9, 2019.

  1. Daniel Boden

    Daniel Boden Legendary Member
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    Hi guys,

    I have been asked by @Jaysen to create this thread to summarise what I believe are the big stories in The Lawyer and Legal Week every week. I will aim to try and do two summaries of each site per week given I know that many of us don't have premium subscriptions to both so I will try to ensure you guys can get the key articles from both publications!

    I hope you find this useful and any feedback please just comment below and I'll do my best to improve week by week!

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  2. Daniel Boden

    Daniel Boden Legendary Member
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    The Lawyer: Data dive: If you want to make partner at a US firm, train at Slaughter and May (27 March 2019)

    The Lawyer recently analysed US firms that have grown organically in London to compare their training programmes with those of UK and magic circle firms. The results were very interesting and suggest that for those lawyers that train at US firms, they are unlikely to make partner at said firms.

    The Lawyer looked at Latham & Watkins, Kirkland & Ellis, Shearman & Sterling, White & Case, Covington & Burling, Cleary Gottlieb Steen & Hamilton, Sidley Austin and Weil, Gotshal & Manges to compare to see how many of the firms' homegrown lawyers had made partner. The results were very interesting and are summarised below:

    Latham & Watkins
    - First took trainees in 2006 and had no home-grown partners in its latest promotions round.
    - Since 2006, 170 lawyers trained at Latham and the firms currently has almost 50 trainees at the firm.
    - Overall, not too unsurprising that the firm hasn't got a home-grown partner as only roughly 15/170 lawyers could have been expected to be at the promotion stage.

    Kirkland & Ellis
    - First took trainees in 2009 and had no home-grown partners in the latest round of promotions.
    - Kirkland's first home grown partners started in 2017 due to its unusual system of promoting associates at six years PQE. This means many more are likely to come soon.
    - The firm's 'make equity or leave' model means some of its lawyers don't become equity partners, instead leaving for other firms (one left partner status to become an associate at Linklaters).

    Shearman & Sterling
    - First took trainees in 1999, but had no home-grown partners in the latest round of promotions.
    - The last was in 2018, and the firm made up two in 2019, both being trained overseas.

    White & Case
    - First took trainees in the 1990s and had one home-grown partner in the latest promotions round, making it the only firm that was surveyed to have a home-grown partner at a US firm in 2019.
    - The firm has one of the oldest US training programmes and made up 13 partners this year, one of them being Helen Levendi, King’s College London graduate and White & Case 2009 qualifier.
    - In fact, only having one home-grown lawyer is lower than normal for White & Case as in 2018 White & Case promoted two of its own former trainees to partner, and made three promotions in 2017 and four in 2016!

    Covington & Burling
    - The firm didn’t promote anyone in London in 2019, however, it has managed to promote two of its own trainees to the partnership in recent years.
    - However, given that Covington has only made up six partners in London since 2012, this isn’t as bad as it would initially seem.

    Cleary Gottlieb Steen & Hamilton
    - Cleary doesn't make up many partners in London and even when it does, few have trained in the UK.
    - Since 2013 Cleary made up six partners in the City, and only two trained in the UK.

    Sidley Austin
    - Like White & Case, Sidley has one of the oldest-established training contracts of US firms, however, unlike White & Case, Sidley doesn't have many London promotions per year which therefore limits the number of trainees making partner.
    - The only lawyer who made partner in the London office in 2019 trained at Slaughter and May the last home-grown promotion in 2012.

    Weil, Gotshal & Manges

    - None of Weil's London promotions in 2019 trained at the firm.
    - The last homegrown partner was in 2014 and she left for White & Case.

    - The Lawyer covered 8 US firms in this article who made up 38 partners in their last rounds of promotions.
    - Out of those:
    Slaughter and May trained the most partners with four.
    - Linklaters and Clifford Chance each trained two partners
    - Allen & Overy and Freshfields both trained one
    - Eight of the 38 partners trained overseas (four in the USA, three in Australia and one in Europe).
    #2 Daniel Boden, Apr 9, 2019
    Last edited: Apr 10, 2019
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  3. Daniel Boden

    Daniel Boden Legendary Member
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    Legal Week: EY Eyes Continued Legal Services Growth With Pangea3 Acquisition (5 April 2019)

    In this article, Legal Week explains that EY has purchased the legal managed services business Pangea3 from Thomson Reuters, indicating it is not stopping its expansion into the legal sector any time soon!


    Following its recent acquisition of alternative legal services provider, Riverview Law, EY has acquired Pangea3, a legal managed services business.

    EY can now deliver legal services in eight locations across three continents and the acquisition will help EY focus on the core areas of contract life cycle management and regulatory risk and compliance capabilities.

    EY has been drawn to this area following client demand. Growing M&A activity and regulatory pressures has led to the formation of larger companies with lots of contracts to manage.

    Where next? EY will stay focused on its legal advisory business and could make further purchases int eh near future. Thomson Reuters, on the other hand, will focus on its own content to help in-house legal departments and law firms as they continue to become more efficient and add value to their clients. This includes its legal research tool Westlaw Edge and its document review service eDiscovery Point.
    #3 Daniel Boden, Apr 9, 2019
    Last edited by a moderator: Apr 10, 2019
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  4. Daniel Boden

    Daniel Boden Legendary Member
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    Hi guys, just one article this week I'm afraid as I'm off travelling to Iguazú Falls in the north of Argentina!

    Enjoy :)

    Legal Week: Why Tomorrow's Lawyers Will Be Needed More Than Ever (17 April 2019)

    In this article, Legal Week assesses what young lawyers will have to do and adapt and thrive in the near future.

    The article begins by stating that the author predicts that in around 5 years or so, the traditional legal global landscape as we know it will come to a logical end as high-earning partners will come to the end of their careers, lower-cost legal platforms will become ubiquitous meaning there will be fewer roles for junior associates and there will be a very interesting geopolitical landscape in the post-Brexit and post-Trump world!

    However, despite this supposed doom & gloom, there will be a tremendous opportunity for change in the legal world as the use of technology will become commonplace, making the industry supposedly much more attractive to clients. This will, therefore, create new and intriguing opportunities for employment in the legal world, and so members of our generation will have great success as we will be accustomed to using such 'high-tech' and 'modern' devices with our skills and experience. Therefore, incredibly different types of law firms, in terms of practice areas and business models, will begin to emerge.

    So what roles will lawyers have in these new, diverse law firms? Some will be specialists in industries we are not aware of yet. Some will continue to serve regional companies or run niche law firms that have a specific focus to a worldwide audience. Others will focus on producing law technology programs to make the industry more efficient and make millions doing so. Whilst others will continue following the dated billable hour for complex legal advice.

    In terms of the industries that will be prevalent in the future, the author believes that climate change will be of even more crucial importance so a knowledge of the energy and technology fields will be important. Moreover, due to rising sea levels and the possibility of lands being uninhabitable due to increasing temperatures, immigration law could also be a pressing issue.

    What is clear though despite the potential inaccuracy of these predictions is that there will continue to be significant opportunities for lawyers to have an impact on the world and for those who wish to make the world a better place.
    #4 Daniel Boden, Apr 17, 2019 at 5:41 PM
    Last edited: Apr 17, 2019 at 6:12 PM
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