The Lawyer’s newest product is the most comprehensive overview of the Asia-Pacific legal market yet produced. With rankings of the top 100 local law firms by lawyer headcount as well as analysis of the leading 50 international players in the region, it is essential reading for anyone interested in the strategic future of the world’s fastest growing legal market
CMS Cameron McKenna has introduced tougher billing targets for partners in a bid to improve the cashflow from recession-hit clients.
The firm has introduced two-monthly targets for billable hours and cash collection. ;Previously partners were assessed on quarterly performance.
Managing partner Duncan Weston said the move was designed to energise the business during a difficult period, adding: “This simply reflects market situation and brings more discipline and focus to cash management by having more regular target dates.”
The move follows other firms’ efforts to improve lock-up ;performance. Eversheds has introduced a ‘red card’ scheme, which sees partners given a yellow card if bills are sent out on time but are not paid. If billing targets are still not met, partners are given a red card and equity distributions can be withheld for up to two quarters.
Camerons recently overhauled its internal accounting system. The firm now uses a matrix system, pioneered by Weston in Eastern Europe, that allows practice group managers to analyse the performances of individual sectors and the lawyers working in them.