Results tagged "acquisitions" from Hanover Legal

2018 and the Shrinking Pack of BigLaw Front Runners

As we enter the final ten of days of calendar year 2017 and contemplate resolutions and goals for the coming year, we take a moment to shift our focus and glance into the rear view mirror at the twelve months we are soon to leave in our wake.   From the perspective of this market observer, BigLaw 2017 looks like mile 17 of a marathon, with a handful of firms racing neck and neck, leading a pack of elite runners which is growing smaller mile by mile.

In terms of strategy, dominance for law firms can theoretically be attained by organic growth, individual attorney or group lateral acquisitions, smaller firm acquisitions or the rare merger-of-equals, but with the race for global market dominance among the few remaining elite-of-the-elite international firms only gaining intensity and more major-city markets being effectively closed to potential late-comers, law firm mergers and acquisitions have increasingly been defining competitive strategy over the last two decades, with 2017 being a record-setting year with about 100 law firm acquisitions tracked.  See  https://biglawbusiness.com/law-firm-mergers-on-record-breaking-pace-in-2017/.

The venerable London based firm of Norton Rose is a case in point, its 2017 acquisition of former AmLaw 100 stalwart Chadbourne  representing only a piece of their current merger plans and recent merger history.  See  http://www.legalweek.com/sites/legalweek/2017/06/30/chadbourne-name-disappears-as-norton-rose-merger-goes-live:  “Norton Rose, the product of a 2013 mega-merger between Houston-based Fulbright & Jaworski and London-based Norton Rose, has expansion plans beyond Chadbourne.  Since the February merger announcement with Chadbourne, the Swiss verein announced plans to unite with Australia’s Henry Davis York … Norton Rose has been through a succession of major mergers.  It merged with Australian firm Deacons in 2010, then in 2011 with Canadian firm Ogilvy Renault and leading South African firm Deneys Reitz. These were followed by a second Canadian merger with Calgary’s Macleod Dixon in 2012, while legacy Norton Rose’s union with US firm Fulbright & Jaworski went live in summer 2013. The firm also inked a deal with Vancouver-based firm Bull Housser & Tupper in September 2016.”

With AnLaw100 firms disappearing at the rate of about one every year and a half, the question of which among them will be the next to fade away is fodder for odd makers.   But look to 2018 to see more BigLaw acquisitions and consolidations than ever before, as the leading pack in the race for global dominance tightens, and the stragglers that cannot maintain the pace seek combinations in order to remain viable and avoid having to drop out of the competition entirely.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It’s always off to the races at BigLaw.  With Sexual Harassment:  Regulation, Litigation and Investigations –

 

Sexual harassment lawsuits cost companies big money and a ton of embarrassment. For instance, just look at what Roger Ailes’ alleged perverse actions did to Fox News. The sexual harassment lawsuit that former TV host Gretchen Carlson filed cost the network $20 million, and it opened the door for other similar allegations. This week, The New York Daily News reported that the state of New York approved a new contract for $270,000 so that law firms can help the state government fight sexual harassment lawsuits, pending and foreseen.  In California, celebrity chef Michael Chiarello and his restaurant companies settled a case brought on by two former servers for an undisclosed amount.

While lawyers are the ones who battle out these scandalous claims in court, attorneys are also susceptible to being harassed at work. It makes sense based on the statistics. According to Forbes, a new survey conducted by Morning Consult found that 45% of female respondents said they experienced unwanted touching and 60% said they’ve been the recipient of unwelcome sexual jokes.

Earlier this year, ABC Australia spoke with several attorneys who shared some of their horror stories.

“I moved into working in a law firm in the most junior role that you could, so basic entry level, and in that role there were … two male lawyers who started making unwanted advances,” a lawyer named “Melissa” said. Melissa said that the two lawyers eventually escalated their advances. They offered to buy her things, tried to kiss and touch her, and made suggestive comments. She said that she reported the behavior to Human Resources, who questioned why she spent time with them alone, not why the men acted the way they did.