denotes premium content | Aug 29 2008 Managing Partner archive
Volume 6 Issue 3
The merger process is fraught with complications and the failure of negotiations can be hard for all concerned. The dream of the legal powerhouse promised by the merger of Ashurst Morris Crisp and Fried Frank Harris Shriver & Jacobson crumbled at the last moment, leaving partners bitterly disappointed and outsiders incredulous that such a perfect partnership could fail.
For Addleshaw Goddard, any such fears are firmly in the past as the newly merged firm takes its first steps to claiming its stake in the legal market. However, in many ways, the real challenges have only just begun as partners now face the task of creating one firm from two very distinct entities.
To make things worse, the past year has been a hard one for many firms with the uncertain economy wreaking havoc on law-firm profitability. Theodore Goddard was one of many firms that posted revenue drops for the 2002-2003 financial year, a fact that might, at least temporarily, complicate the merged firm’s ambition for becoming one of the 25 most profitable firms in the country.
In this month’s 60-second interview, Mark Jones, who has retained his role as managing partner in the merged firm, describes his role in the merger process and the immediate challenges for the months ahead. His optimism for the business is only paralleled by the burden of responsibility he now faces in realising his vision for the firm. From past performance, however, he stands a good chance of success, although time will tell whether his management experience will be up to the job of competing at the highest level in a difficult market.
The wheel of fortune has been equally capricious for other firms not facing the perilous path to merger. Firms such as Denton Wilde Sapte have openly implemented redundancy programmes but the “headcount-management” strategies of some other firms will not fool anyone, least of all the recruitment consultants who are managing a growing number of unemployed solicitors.
There are, thankfully, plenty of success stories amidst the tales of woe and some firms seem to be positively enjoying the competitive mood. This month’s best-practice law-firm management feature asks managing partners at DLA, Bevan Ashford EPL, Burges Salmon, Pannone & Partners and Halliwell Landau to explain some of the secrets of their success and the reasons for the failure of other firms that are struggling to keep up in these testing times.
Caroline Poynton
Editor
Features
60-second interview: Mark Jones, managing partner, Addleshaw Goddard
Addleshaw Goddard commenced trading as of 1 May 2003, the culmination of merger negotiations that had lasted many months. Expectations are high, as the firm aims to become one of the top 25 most profitable firms in the country, but there will inevitably be many challenges along the way. Caroline Poynton talks to managing partner Mark Jones about the merger process and the firm’s immediate plans for staking its claim on the legal market.
The light at the end of the tunnel: Best-practice law-firm management in an uncertain economy
Few would deny that the past year has been a tough one for law firms. Results for the end of the financial year, however, have shown a surprisingly variable performance from firms that are clearly struggling to those that seem to be making a success of the competitive mood. Caroline Poynton talks to managing partners at DLA, Bevan Ashford EPL, Burges Salmon, Pannone & Partners and Halliwell Landau about their experiences of the past year and their plans for the challenges ahead.
Personal approach and efficiency: The Lindahl story
The Swedish legal market is highly competitive with a few larger, full-service firms fighting with mid-size and boutique firms for the high-end work. Lindahl was particularly pleased, therefore, when it was elected Sweden’s best business law firm in a survey published by Veckans Affärer, a Swedish business magazine. Managing partner Staffan Eklöw explores the background to their success and why he believes the firm has managed to stay one step ahead of the pack.
Legal technology: Opportunities, implementation, strategy
Client-relationship management (CRM) is a now familiar subject to most law firms. As one of the earliest, if not the first, systems that a firm would purchase, it has now become an integral part of a law firm’s technology infrastructure.
Ensuring the success of your CRM-systems initiative
Despite the obvious benefits of implementing a CRM initiative, Rosemarie Ghazaros, director at Jaffe Associates, and Fraser Herrick, UK managing director of Interface Software, argue that many firms are still getting it wrong. In this article, they assess the potential problems, and how firms can integrate their systems and people to ensure their CRM strategies succeed.
People and culture
Fraud seems oddly out of tune with the partnership ethos of the traditional law firm where working relationships are seen in more of a family context than in many other businesses.
The life and times of a northern soul
In a world where London firms still predominate and where regional firms are beginning to look like they’re offshoots of a London business, Cobbetts is making its mark as a truly national firm with a northern heart. Caroline Poynton talks to managing partner, Michael Shaw, about his leadership of the firm, his role in its ongoing expansion and his dreams for the years to come.
Risk and the rogue partner: Turning hindsight into foresight
In last month’s Managing Partner, articles highlighted the importance of implementing a risk-management strategy in the face of an open-market insurance regime. This month, Frank Maher, a partner in Legal Risk and a consultant at Weightman Vizards, takes us a step further by focusing on the fraudster.
There but for the grace... Lessons learnt from the Clifford Chance memo
Last month, Managing Partner published the first part of an article examining the impact and lessons that can be learnt from the Clifford Chance memo, which was written by associates at the firm’s New-York office and was published in the international press towards the end of 2002. In this second part, Gerald Riskin, a principal at Edge International and a former managing partner, continues his lessons, focusing on the problems of the billable hour, the importance of communication, and the need to explore and enforce the firm’s values throughout the workplace.
