Take a look at the most-read stories on TheLawyer.com this week and share your views
The week has been dominated by the 2013/14 financial reporting season. Clifford Chance became the first magic circle firm to publish results and won praise from the market for pushing up average profit per equity partner (PEP) by 16 per cent from £1m in 2012/13 to £1.14m.
One reader commented, “It’ll be interesting to see if the leading regional players like Eversheds, DWF and Bond Dickinson replicate a 16 per cent increase.”
So far only Eversheds has published its figures and no, there wasn’t a 16 per cent increase. Eversheds turned over £384m at the 2013/14 year end, up 2 per cent from £376, while PEP fared better, up 13.6 per cent from £642,000 to £729,000.
For an insight into which firms have outperformed the market and which are lagging behind read our blog, 2013/14 financials: the year so far.
Elsewhere, the results of Barclays panel review were out. As expected the banking giant reduced its advisory roster by 30 per cent. Allen & Overy, Freshfields Bruckhaus Deringer, Hogan Lovells and Simmons & Simmons were among the firms maintaining panel places. It follows a year of change at the bank kick-started by the appointment of former White House lawyer Bob Hoyt as general counsel last summer.
While Barclays called on its firms to work more closely, others are looking to drive down costs by displaying a menu of disaggregated services. Several firms have invested in disaggregated services, which for some (Hogan Lovells, Simmons & Simmons and Herbert Smith Freehills for example) means low cost support centres.
Is this really what your in-house clients want?
According to our research, awareness of new legal services delivery models remains low, with the vast majority of in-house lawyers having never, rarely or only occasionally been offered some form of disaggregated legal service.
Click on the links below to access The Lawyer Top 10 stories for the last seven days. Your views are always welcome.