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WHAT WE'RE WATCHING

MODIFYING THE MODEL - Despite departures by leaders at FisherBroyles and expected additional exits at the Am Law 200′s first distributed firm, the low-overhead, partner-autonomy model for legal services is likely to remain a viable alternative to traditional brick-and-mortar firms. Still, as Law.com's Justin Henry reports, that doesn't mean this approach couldn't use some tweaking. For example, a common feature of the distributed model is the lack of a true equity partnership. Instead, firms like FisherBroyles, Culhane Meadows and Rimon employ a formula that reserves a minority of collections for the firm and a majority for the partner. While some argue that the lack of an equity structure can create a challenge when it encourages attorneys to silo themselves off from the rest of the firm, leaders of distributed firms say their internal compensation systems incentivize cross-practice collaboration. Perhaps, however, true success lies somewhere between those two extremes.

MORE IN '24 - Earlier this week, we told you that a number of law firm leaders are less than bullish heading into next year, but don't fret just yet—as Law.com's Andrew Maloney reports, not all law firms are down on 2024. With inflation moderating and interest rate cuts anticipated, many law firms believe they are well-positioned for a rebound in transactional work and a "better year'" overall next year, according to a new report this week. "It's likely that most firms will see growth in revenue and profitability in 2023, outperforming 2022," according to a 2024 Client Advisory from Hildebrandt Consulting and Citi's Global Wealth at Work Law Firm Group, published Wednesday.

ON THE RADAR - Adani Green Energy Ltd., an India-based renewable energy company, has secured an additional $1.36 billion in financing to increase its construction financing framework to $3 billion. Adani Green was counseled by Latham & Watkins and Saraf & Partners. The underwriters were advised by Linklaters and Cyril Amarchand Mangaldas. Stay up on the latest state and federal litigation, as well as the latest corporate deals, with Law.com Radar.  

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EDITOR'S PICKS

Johnson & Johnson Moves to Disqualify Beasley Allen From Talc Leadership

By Amanda Bronstad

Midwest Firms Vote to Combine, Creating Fresh Am Law 200 Contender

By Amanda O'Brien

Salt Lake Sees More Big Law Interest, as Spencer Fane Enters Through Merger

By Andrew Maloney