Alex Novarese

September 23, 2010 | International Edition

It was only a matter of time, and yet, it took so much time. The news that Eversheds is to become arguably the first law firm to move into the legal consulting business is in many ways an obvious move for a law firm. And yet no one, to my knowledge at least, has tried the 'poacher turned gamekeeper' play of using their knowledge as a supplier to tell buyers how to buy better. The new division, Eversheds Consulting, will primarily aim to advise in-house legal teams on procurement, compliance, processes and record management matters. Areas that the nine-strong launch team is expected to focus on include helping general counsel to structure panel arrangements, outsourcing and managing budgets.

By Alex Novarese

4 minute read

September 22, 2010 | International Edition

"The primary goal of this project is to drive greater fee opportunities to those firms that provide the greatest value proposition to us... we strongly encourage your proposals to be simple, straightforward and compelling... be bold." Despite its sometimes awkward mixture of jargon-fuelled management speak and starkly direct language, the request for proposals quoted above from a major bank for its upcoming adviser review makes strangely compelling reading. The document directs law firms that are considering pitching to be daring, bold and basically cut their rates to ribbons if they want to keep a place on its revised panel. The message is certainly explicit - the bargain on offer is for pitching firms to cut into their own margins to gain the "substantial opportunity to take market share from competitor law firms whose proposals remain under consideration".

By Alex Novarese

3 minute read

September 15, 2010 | International Edition

The ideas business in law is getting democratic. If nothing else, the recent launch of Halsbury's Law Exchange, a new think tank, is proof of the extent to which thought leadership is all the rage in law these days. The LexisNexis-backed venture, which includes Slaughter and May's Nigel Boardman among its contributors, is billed as an attempt to draw the public into a politically-neutral debate on the role of law in society. That's no easy task, as most comparable attempts have floundered amid a sea of self-regard and legal jargon, but it appears that there are no shortage of those up for the challenge.

By Alex Novarese

3 minute read

September 15, 2010 | International Edition

Depending on where you sit, for private equity lawyers the announcement that Candover Investments is to go into run-off could be taken as either painfully symbolic of the humbling of Europe's buyout community or symbolic of nothing at all. These are confusing times for private equity advisers, who are trying to find their direction in a year frequently, if somewhat hopefully, described as a "great vintage" for buyouts. Even if such sentiments are pushing it a bit, the logic is understandable. Private equity has traditionally done its best deals in terms of investment returns when the market is down, largely because the acquisitions that get done in tough times only get done if they have a compelling logic rather just than the backing of oodles of cheap debt.

By Alex Novarese

3 minute read

September 08, 2010 | International Edition

Having spent hours poring over this week's analysis of the fall of Halliwells, I come today not to bury the firm but to praise it. With Legal Week having spoken to dozens of close observers of the firm's collapse, it became apparent that some have conveniently forgotten what Halliwells achieved during its striking ascent. Perhaps that is inevitable. It is human nature to lean heavily on hindsight when condemning the decisions of others - it is a habit that journalists, particularly, fall prey to. But individuals, especially those running businesses, don't have the benefit of hindsight.

By Alex Novarese

3 minute read

September 01, 2010 | International Edition

There are, generally speaking, two kinds of managing partner. The more effective version is marked by a few shared characteristics. Most strikingly, they will have a confidence-inspiring assuredness about them. This will be manifested in most dealings, but in particular in those with the leader's own partnership. Typically, this breed will have become highly adept at achieving that delicate calibration of positioning themselves far enough ahead of their partners to lead but close enough to bring them along.

By Alex Novarese

3 minute read

August 25, 2010 | International Edition

You don't have to strain too hard to find parallels between news today of Hammonds' merger talks with top 60 US practice Squire Sanders & Dempsey and the tie-up between Denton Wilde Sapte and Sonnenschein Nath & Rosenthal. The size of the prospective union, which would create a global top 50 practice with revenues of well over $625m (£403m), is closely comparable to SNR Denton, which itself goes live next month. In both cases the US suitor is much larger and more profitable than its UK partner - though all of these firms have generally lagged their peers in terms of profits. Market position is also broadly comparable, even if Dentons obviously brings much more City muscle to its union than Hammonds has ever achieved.

By Alex Novarese

5 minute read

August 18, 2010 | International Edition

Read the average commentary on the profession, at least those not written by practising lawyers, and an unmistakable theme emerges: the legal market is set for sweeping, disruptive change and it will be clients that will drag grudging service providers to this promised land. Yet the harder I look at the profession the more convinced I become that clients - the demand side of the equation - are not only generally failing to enforce change, they are, if anything, more conservative than the law firms, which is saying something.

By Alex Novarese

3 minute read

August 12, 2010 | International Edition

With junior lawyers no longer buying into the partnership dream and the fallout from the tough tactics adopted during the recession beginning to bite, this year's Employee Satisfaction Report poses plenty of questions for law firms to tackle. Alex Novarese analyses the results

By Alex Novarese

9 minute read

August 03, 2010 | International Edition

For a market in a deal slump there seem to be a lot of deals happening at the moment. Recent weeks have sizeable bids for companies as varied as International Power, Ontex, Chloride, SSL and the UK assets of EDF, not to mention the merger between PartyGaming and bwin Interactive Entertainment last week. For seasoned deal professionals the question must be whether the cycle is finally beginning to turn after a two-year slump. Well, in a light-hearted summer mood, we've decided in this column to hunt out what reasons there are to be cheerful. While not hugely bountiful, the good news is that there are more of them than the current tales of woe would have you believe.

By Alex Novarese

4 minute read