Law firms not great at lateral hires study reveals
Law firms can give their revenue a hefty boost with the right lateral hire but it seems that many firms fail to make the correct choices.
A report from ALM Intelligence shows that 96 per cent of law firms rank lateral hires as moderately or very important but most of those hires do not deliver the expected book of business in year one.
Twenty-one per cent deliver between 50 and 75 per cent of expected business while 30 per cent deliver less than half. The reason is often a lack of due diligence.
The report Minimizing Risk in Lateral Partner Hiring: Effective Due Diligence
says that most firms will fail at hiring sometimes but recommends defining the criteria for a lateral hire and scoring candidates against it.
Latham takes global energy co-head from HSF
The co-head of Herbert Smith Freehills
global energy practice has been hired by Latham & Watkins in London.
John Balsdon will join the finance practice at Lathams, boosting the team with his 20-years of experience in the oil and gas and power sectors, including project financing, structured trade financing, reserve-based lending and restructuring matters.
As well as his energy leadership role, Balsdon has been part of HSF’s Africa practice and his knowledge of the region’s burgeoning energy sector will bolster the firm’s capabilities.
Law bodies unite on Brexit views
Two of the bodies representing lawyers in the UK have some united messages on the legal profession’s concerns about Brexit.
The Law Society of England & Wales has welcomed the views of the Bar Council in what it says provides one voice for the profession.
"It is good to see the Bar reinforcing our common messages to government on the key issues that Brexit raises for the legal sector," said Law Society president Robert Bourns.
In its ‘Brexit Papers’ the Bar Council urges the UK government to protect the public interest as it negotiates the UK’s split with the EU.
"EU law currently impacts nearly all areas of life. We need a plan to make sure that people do not suffer from uncertainty and ultimately end up worse off,” said Hugh Mercer QC, who has lead the Bar Council’s working group on Brexit.
The Council has identified several key areas to be addressed including access to the EU legal market; criminal law; and laws and processes relating to competition, family, international arbitration, tax and IP.
"There has not been a more profound legal and constitutional challenge in living memory with which the UK Government has had to grapple, in terms of legal complexity, or significance for the long-term health and stability of the economy,” said Chairman of the Bar, Chantal-Aimée Doerries QC.