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.
In this week’s main feature we’ve looked beyond the numbers to find out what really went wrong. Was it the gradual build-up of partner resignations? A lack of communication? The failed merger talks?
No, no and no. Above everything, all the signs point to this being a tale of the calamitous impact of supremely poor cash flow management.
“Many of these senior partners have grown up in an era where the only way is up,” said one source. “There are lots of firms sleepwalking to extinction for this reason.”
Don’t go making the mistake of thinking that the hooking up of Manches and Penningtons is a contrasting romantic story either. Four other firms were approached by Manches during the same period. Still, that doesn’t mean the deal won’t be a success.
As for the aftermath, for any other zombie firms out there, it’s time to heed some lessons.