The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
I REFER to your report on a US law firm seeking a partner for its London office and apparently willing to offer drawings at the #1m level (The Lawyer, 11 January).
Given the office overheads that go into generating fees to provide for an income at that level, the successful applicant will have to maintain average charge-out rates and number of chargeable hours at hitherto unattainable heights. Alternatively, a veritable army of assistants will be required to generate partner income.
All service industries should consider their primary obligation to clients. Market forces are fickle. The view that only a few firms can provide certain specialist services, and that there is no price sensitivity for such services is complacent and reflects poor management practice. Successful businesses have to deliver more from less. A serious disparity between income levels for professional advisers and those of the directors of their clients creates dissatisfaction and loss of loyalty.
A lack of consideration to all the stakeholders in a transaction is a risk all practitioners should avoid.