Archive for the ‘Life at Law Firms’ Category
Competition Parties
We recently received invitations to a new breed of parties. On 4 May, Compass Lexecon was having its “Exclusive Spring Party” (with “drinks and canapés“). Two days later, Crowell & Moring held its “CroMo Party” at Tour and Taxis (with DJ BENNY…).
Unfortunately, I could not attend any of those parties.
Yet, a question arose: what drives business law firms and economic consultancies to organize such summer parties?
In the case of Compass Lexecon, the answer is straightforward. The firm sought to celebrate the launch of Compass Lexecon Europe, following the acquisition of LECG’s EU Competition Policy Group. This party was a classic reception, similar in nature to many other receptions.
The case of Crowell and Moring is more interesting. The flyer and dressing code (“colorful casual”) suggest that CroMo’s party was primarily targeted at young professionals (from Cromo and elsewhere) rather than at partners and clients. No information was provided on drinks, but I suspect they came for free. There was no special thing to celebrate.
So why organize a loss-making party of this kind? Initially, the following reasons came to mind: acquiring information on competing law firms, possibly with the help of liquid substances; increasing busy associates’ procreation rate; assuaging partners’ midlife crisis.
On second thoughts, however, I dismissed most of them in favour of a more conventional explanation which has to do with “branding”. It plays at several levels.
First, with the commoditization of the profession, legal services are increasingly fungible. Clients shop around and competition amongst law firms becomes brutal. To prevail over rivals, law firms seek to be perceived as special. For a number of years now, law firms have organized academic conferences to look bright. Now, they organize parties to look cool, hype and creative.
Second, as stressed by Alfonso a while ago, there is an increasingly pervasive perception amongst students that working in a business law firm is “not cool”. Being an associate in a business law firm involves long working hours, little freedom and virtually no space for leisure and family life. This has dramatic consequences on law firms’ hiring opportunities. And unlike in the 1980s and 1990s, financial compensation no longer does the trick. No wonder why some law firms seek to change their image amongst young lawyers, and arguably organize parties to that end.
Please note that we are interested by pictures, feedback and stories in connection with those parties.
Weekend readings – Law firms: a less guilded future
I would very much recommend you to take a moment to read an excellent piece published on the latest issue of The Economist. (Thanks to Mark English for calling our attention to it)
At a moment where some are reporting on the pick up on profits and revenues at Big Law, this article from The Economist contains a very insightful analysis of the many challenges that lie ahead for the legal profession, not all of which are cyclical. I tend to agree with a lot of what’s said there (except, maybe, for that last phrase on how “a firm’s only real asset are its partners”…).
Click here to read the online version.
And, although I’m sure most of you have at least heard about it, those interested on further readings on the future of the legal profession should definetely read Susskind’s brilliant book The End of Lawyers.
Mercato
Some time ago, we have been informed of a forthcoming large, big, huge move on the Brussels legal market.
The story is now official:
Our friends Trevor Soames, Miguel Rato, Stephen Mavroghenis, Götz Drauz and Geert Goeteyn are joining Shearman and Sterling as partners.
They take with them a bunch of top notch associates (we’ll report on that in the next days).
Best of luck to all of them at S&S.
Nicolas/Alfonso
Apple´s offer to publishers & an overstatement on lawyers´(un)happiness
Today we´d like to point you to a couple of short and interesting pieces on which we would appreciate hearing your views:
As some of you may know, Apple recently announced that it will allow newspapapers, magazines and other publications to sell digital subscriptions of to iPhone, iPad and iTouch users (if you don´t, see here). An interesting post published yesterday on The Wall Street Journal Law Blog (see here) has highlighted the potential antitrust-related risks incurred by Apple with regards to some of the terms of its offer. One of the central issues essentially boils down to defining the relevant market affected by Apple´s offer: is there a relevant market for consumer tablet computers? A wider market for digital and print media outlets? Any opinions? And even case Apple were found dominant in a nascent market, should that warrant antitrust intervention?
A second interesting, and certainly controversial piece of reading, is this one. It´s an article written some years ago in The Sunday Times concerning lawyers´ dissatisfaction with their work. I have stated here some of my views on this topic, and I´ve even ventured some criticism on how things are often done (see here and here). However, I view this article as overstepping the mark and as a consequence it ends up depicting “City” lawyers -and, in a sense, the whole profession- in a way that makes lawyers appear as despicable inhuman beings. There are a number of cheap overstatements in this admittedly somewhat tongue in cheek article, but I´m sure it should elicit some reactions amongst our readership.
Mercato
With the beginning of the new year, there has been a significant number of moves in the EU antitrust law league (practitioners’ market).
Legal500, Chambers, GCR and others have failed to report them because they only focus on big fish. So here’s our report of recent associates moves:
- David Henry felt like talking German. He thus left Howrey LLP for McDermott Will and Emery, where he will work with P. Werner;
- Despite the exodus, Miguel Rato got a raise and thus stayed at Howrey LLP where he was promoted from Associate to Partner;
- Marc Abenhaim got bored of Belgian competition law and felt like living under tougher targets and deadlines. He left Van Bael & Bellis to Willkie Farr and Gallagher;
- John Wileur does not run against the grain. He thus moved from Howrey LLP to Covington & Burling;
- David Mamane probably got a raise too, and was promoted to Partner at Schellenberg Wittmer (Switzerland)
- Alexis Brunelle got bored of private practice and joined the Autorité de la concurrence as case handler (Rapporteur). The bad news about this move is that from now on, Alexis will have to blog undercover.
All those chaps share four common features:
- they are all supersmart young competition lawyers
- they are all friends of chillin’competition
- they are not full of themselves
- I have had at least once, a challenging, interesting conversation on a subject of substantive competition law (note: strangely enough, people seem increasingly reluctant to discuss such issues )
Please do not hesitate to report to us other moves which fit this profile, and apologies for those we missed.
(PS: Image possibly subject to copyrights: source here)
Chillin'Competition 
