The Lawyer Global Litigation Top 50 report is the only ranking of international law firms by litigation and arbitration revenue and is essential reading for anyone seeking to benchmark their litigation and dispute resolution practices...
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.
The bar has always relied on solicitor contacts for work referrals, but with the continued recession that tide is turning, with City lawyers increasingly looking to the bar for client referrals.
While commercial barristers did not race to embrace the changes brought in by the Public Access Rules in 2004 the global banking meltdown has thrust change upon the bar, forcing barristers to look beyond the traditional private practice lawyers for instructions.
It is in-house counsel that are pushing for the change and, consequently, putting some serious power into the hands of the advocates and their clerks.
It started with local authorities creating bar panels with the aim of cutting costs. Liverpool City Council has recently cut its legal spend by 20 per cent after ditching Exchange Chambers from its adviser roster (9 July 2012) .
The success of the panels in reducing legal spend and encouraging chambers to offer ‘value-added’ services such as free training is beginning to catch on.
BAE Systems, for instance, has a direct relationship with barristers at Matrix Chambers, Atkin Chambers and Henderson Chambers (29 November 2010).
Before it went to Linklaters, News Corporation first instructed One Essex Court’s Tony Grabiner QC to handle the fallout from the phone-hacking scandal (25 July 2011). Tesco is understood to have a preferred direct relationship with the bar and Barclays litigation director Jonathan Peddie says direct access is a useful tool (see video).
This new era was not brought about by the change in the direct access rules. One senior clerk states matter-of-factly: “It’s being driven by the financial director who wants to economise.”
The step change is forcing sets to think about how they market themselves. As one chambers chief executive put it: “The bar is beginning to embrace commercial disciplines. It used to be that there were conflicting brands within sets, individuals versus chambers as a whole. The bar is starting to get over that and starting to think as a combined entity.”
By presenting itself as a commercial venture and the fixed-fee alternative to the traditional bar, Riverview Chambers hopes to pick up some top-level instructions (20 February 2012).
While more commercial sets may not be keen on the fixed rates senior clerks are being asked for, a ‘menu’ of options when it comes to pricing, including block fees, fixed fees and conditional fees, is in demand. Some areas of the bar are so quiet that some are offering ‘buy one, get one free’ deals with chambers being paid a set sum to divide among the team - buy a silk, get a junior free.
Senior clerks are being marketed to by litigators, the relationships are getting stronger and the bar is becoming more commercial. Outside the Inns and beyond the profession some might even suggest that the bar is catching up, but for many within the profession it is a relationship revolution.