As the world struggles to cope with the Coronavirus pandemic and societies world-wide adapt in order to minimize risk of infection while remaining as productive as possible under the circumstances, most major law firms continue to recruit. What has changed primarily during this highly infectious crisis is merely the basic mechanics; firms are increasingly opting for telephone interviews instead of in-person meetings.
Perhaps more significantly, law firms like other entities are employing a gamut of strategic approaches to this crisis as in any other crisis; some viewing it as an opportunity to take advantage of diminished competition to recruit even more aggressively and realize gains that may have been unattainable in a relatively calm and stable environment, others plodding forward as if it’s business as usual, while a few more skittish players have paused recruiting altogether promising to reconvene only once the crisis has stabilized. We remind the attorneys we are privileged to represent that while we live in interesting times and how we react during heightened uncertainty can be defining to us, the same applies to the firms they are considering joining, this time of crisis providing a rarely available window for due diligence with respect to a firm’s culture and their way of conducting business.
We urge our law firm and attorney clients alike to proceed with the mindset that this too shall pass, and to resist the temptation to put recruiting on hold. On the contrary, view this as an opportunity to make particularly attractive gains in a largely panicked market that will likely be unavailable again until long after we have come to grips with this crisis as we have all the others that have preceded it.
Since Hanover Legal’s founding is 2000, we have together survived a number of other crises and can fully expect to see a few more once this one too has faded into memory. We assure all of you that as our understanding of the Coronavirus continues to evolve, we will remain on board with you here as well and eager to assist you in any way.
Clifford Chance Rogers & Wells, Hogan Lovells, Norton Rose Fulbright, Bryan Cave Leighton Paisner and Eversheds Sutherland did it. So can Allen & O’Melveny.
Of the few brave US firms that have bitten the bullet with a partner from across the pond, only one has maintained their cultural identity as half of a merger of equals. As to the others, most attorneys today have never even heard of Rogers & Wells, the once great Fulbright has been thoroughly digested by Norton Rose, and Eversheds views Sutherland as a curious outpost. The jury is still out on Bryan Cave Leighton Paisner, although we believe Bryan Cave stands an excellent chance at survival as it is more evenly matched with its counterpart and also has an easier name to remember.
The next transatlantic merger is a matter of time, and while their respective Chairmen continue to offer vociferous denials, Vegas has an Allen & Overy – O’Melveny tie up before the end of 2019 at better than even odds. But to the extent names matter – and they do – O’Melveny should be quivering to the alter because even if they manage to maintain cultural prowess with a firm three times their size, the new partnership will be perpetually known as “A&O” anyway.
In the meantime, we appreciate the good sense of major firm leaders to refrain from discussing their courtships and marital woes in public, as we have sufficient law firm dysfunction entertainment from our firebrand litigation boutiques and from time to time the megalomaniacs from whom they have managed to break away.
Be what may, we look forward to continuing on this journey with all of our attorney and law firm clients, and wish everyone smooth sailing during the second half of 2019!
While we are all relishing our last day of this holiday season and gearing up for 2019 and the inevitable challenges the new year will bring, we thought it may be worthwhile to offer a few predictions as to the landscape of BigLaw during the year to come:
At least one AmLaw 50 firm will dissolve or be acquired;
At least two AmLaw 100 firms will dissolve or be acquired;
There will be a record number of lateral partner moves among the AmLaw 100 firms;
There will be a record number of law firm mergers among the AmLaw 200 firms;
All but one of the current AmLaw 50 firms will post increased revenue over 2018;
48 of the current AmLaw 50 firms will post increased profitability over 2018;
AmLaw 50 firms will see record numbers of partner departures leaving to join boutiques or start boutiques of their own;
No transatlantic merger of Global 50 firms will be consummated.
With those predictions on the table, we look forward to reviewing each of our major firms’ reports of their own 2018 performance and tracking their respective performances in 2019 — wishing all of them the best of luck as the gun goes off bright and early tomorrow morning and while we commence our own 19th year of offering support to their attorneys and managing partners as they face their inevitable challenges over the course of the upcoming twelve months!