General Practice
Kathy G. Gallo (Marshall Goldsmith Partners LLC) examines leadership succession planning in law firmsonstruction projects to end in dispute
PLI: What are the primary challenges of effective succession
planning, development, and execution for law firms?
KATHY G. GALLO: Our views on the challenges of effective succession planning,
development, and execution are informed by our work with many corporate
leadership transitions and by more limited experience with professional service
firms. Though unique in specific ways, most succession efforts share some
common challenges.
Arthur B. Culvahouse, Jr. (O'Melveny & Myers LLP) examines what law firms need to take away from recent law firm mergers
PLI: What can we learn about the future of law firms from how they have
weathered the economic downturn?
ARTHUR B. CULVAHOUSE, JR.: It is no longer news that law firms are
facing an array of challenges in the face of this difficult economy.
The most recent statistics from The National Law Journal depict
the largest decline in headcount among the top 250 US law firms since
that publication began compiling such data — a 4% year-over-year
decline. But the fact that there are 5,259 fewer lawyers working at NLJ
250 firms is merely confirmation of what we already know to be true:
the old law firm model is going the way of the floppy disk. Or, to put
it in less dramatic terms, the prevailing law firm business model is in
need of significant overhaul. In response to this upheaval, many firms
have been exploring new and better ways to reinvent the law firm-client
paradigm (see attached, A Shift
That Can Benefit Us All, Corporate Counsel, October 16,
2009 by Arthur B. Culvahouse, Jr.).
Change You Have No Choice But To Believe In—"Changes" In Government Contracts
The first lesson you learn in contracts during law school is that
contracts require offer and assent, consideration and performance. Once
you have your deal, you pretty much have to stick with it unless you
want to try and renegotiate, or unless you want to breach. And that's
where the casebook begins, with breach. Well, in an era where, more and
more, the counterparty to your client's contract may be the federal
government, that casebook doesn't exactly apply. And while we've delved
into various aspects of government contracting in this year's
newsletter, one area we haven't touched upon is the differing concept
of "change" in a government contract.
Now sometimes, there are bilateral changes to government contracts that
are negotiated just like any other commercial contract. But the
government being the government, other times, it might come to your
client and say, "Change," and your client pretty much has to say, "Did
you say, 'Jump?' How high?" And there are reams of rules covering when
and how the government can do that. So if you have clients whose bottom
lines are being stimulated in some way by government projects of one
kind or another, it behooves you to know how this tricky aspect of
contracting works. How do you roll with the changes when you don't know
from where they're coming?
Continue reading "Change You Have No Choice But To Believe In—"Changes" In Government Contracts"
The Time To Set Aside Childish Things: On Being A New Partner
Toolbox didn't quite understand the President's inaugural exhortation to put aside the childish. The chattering classes took it as a broadside against petty bickering along party lines. Phew. Toolbox was concerned it meant that we should stop spending so much time on PlayStation 3 or Wii or, heaven forbid, avoid those false teeth toys that make you look like a vampire. Maybe the President meant something else altogether. Toolbox used to play with vampire teeth as an associate (but didn't bicker with fellow associates), which while not impacting the road to partnership, certainly didn't augur well for it. Though, come to think of it, if you can graduate to partner and wear vampire teeth without hurting the firm...well, either you're starring in Devil's Advocate or very talented. But let's assume (for argument's sake only) that your first action as a new partner isn't to rush off to the gag store. What exactly do you do now that you've officially left "childhood" behind?
Continue reading "The Time To Set Aside Childish Things: On Being A New Partner "
Mish-Mashup Is No Hodge Podge: Virtual Reference And The Law Firm Library
The first time someone asked Toolbox about mashups, all Toolbox could think of was potatoes. Though still not completely clear on the concept, Toolbox has come a long way toward understanding in light of this week's first download, Virtual Reference as a Marketing Tool, by Andrea Specchialo (SydneyPLUS). Perhaps Toolbox is so behind the curve because the last time it had to use a full-fledged law library, the place took up an entire floor, which consisted of 99.9% books and .1% computer terminal. Nowadays, Toolbox gathers that the virtual library occupies more and more space, with the physical occupying less—that brings Toolbox to Specchialo's piece, which she presents in the context of arguing for the future of the actual law library, or the Information Center, as it is now called.
Continue reading "Mish-Mashup Is No Hodge Podge: Virtual Reference And The Law Firm Library "
Back to top
PLI in Brief is the online home of Practising Law Institute's popular weekly eNewsletter series more...
Recent Archives
• June 2010
• May 2010
• April 2010
• March 2010
• February 2010
• January 2010
• Complete Archive
Categories
• All-Star Briefing
• Compliance Counselor
• The Lawyer's Toolbox
• The Pocket MBA
• Accounting
• Antitrust
• Bankruptcy
• China
• Class Actions
• Communication & Media
• Compliance
• Consumer
• Copyright
• Corporate
• Corporate Governance
• Due Diligence
• Employee Benefits
• Employment Law
• Environment
• Estate Planning
• Estates & Trusts
• Ethics
• Executive Compensation
• Export Control
• Financial Institutions
• Financial Products
• General Practice
• Government Contracting
• Green Tech
• Hedge Funds
• Immigration
• Information Technology
• Insurance
• Intellectual Property
• Internal Investigations
• International
• Law Practice Management
• Licensing
• Litigation
• Mergers & Acquisitions
• Patent
• Privacy
• Private Equity
• Real Estate
• Secured Transactions
• Securities
• Tax
• Taxation
• Trademark
20% off PLI Treatise!
Employment Law Yearbook 2008, by Orrick Herrington & Sutcliffe LLP, the one volume source to help your clients lessen their legal exposure, no matter what front, including whistleblowing, workplace violence, downsizing, privacy, and trade secrets.
order...
20% off PLI Treatise!
Accountants' Liability, by Dan L. Goldwasser (Vedder Price Kaufman & Kammholz PC), M. Thomas Arnold (University Of Tulsa College Of Law), and John H. Eickemeyer (Vedder Price Kaufman & Kammholz PC). Use the link to order this uniquely comprehensive legal and tactical resource.
order...
|
Feeds
Full-Content FeedWhat are feeds?
Credits & Contacts
General Email Inquiry
Editor
Michael Singer
About PLI
PLI is a non-profit continuing legal education organization dedicated to providing the legal community with the most up-to-date information available. Founded in 1933, PLI's continuing mission is to enhance the professionalism of attorneys and other qualified persons by providing, in a cost effective manner, the highest quality and most innovative programs, online CLE, publications and other services to enable them to practice law competently and ethically, and to fulfill pro bono responsibilities.
All contents
Copyright © 2009
Practising Law Institute
810 Seventh Avenue
New York, NY 10019-5818
For more information call (800) 260-4PLI
(212) 824-5710
