- published: 26 Jan 2012
- views: 9840
- author: Bloomberg Law
14:05
NY Times Reporter: Business of Law Schools Is "Crazy"
Jan. 26 (Bloomberg Law) -- David Segal, a reporter for the New York Times, talks with Bloo...
published: 26 Jan 2012
author: Bloomberg Law
NY Times Reporter: Business of Law Schools Is "Crazy"
Jan. 26 (Bloomberg Law) -- David Segal, a reporter for the New York Times, talks with Bloomberg Law's Lee Pacchia about his series of articles on legal education. David examines the roles played by the US News & World Report law school rankings, the American Bar Association and the schools themselves in a system that seems resistant to change, despite recent difficulties many law graduates have had finding their first jobs.
- published: 26 Jan 2012
- views: 9840
- author: Bloomberg Law
14:04
BigLaw's Banker: I've Got a "Robust" List of Firms That May Fail
Oct. 26 (Bloomberg Law) -- Dan DiPietro, chairman of The Law Firm Group at Citi Private Ba...
published: 26 Oct 2012
author: Bloomberg Law
BigLaw's Banker: I've Got a "Robust" List of Firms That May Fail
Oct. 26 (Bloomberg Law) -- Dan DiPietro, chairman of The Law Firm Group at Citi Private Bank, says he has a "somewhat robust" watch list of law firms that may fail in the coming months. "In this kind of economic environment, it's hard to imagine we wouldn't have some" additional firms shutting their doors, DiPietro says, but he doesn't expect to see a "huge spike" in the number. Global law firms are perhaps most at risk, facing high expenses and soft demand worldwide, with the US fiscal cliff looming, Eurozone problems continuing and the slowdown in China developing, he tells Bloomberg Law's Lee Pacchia. In transactional work, there are "a couple of firms who are very busy, but they're basically grabbing most of the market share of the few deals that are there," and even they are unwilling to say that deal work is really rebounding, he says. Citi expects law firm profits to be flat in 2012, after low single-digit growth in 2011. For 2013, there are doubts transactional work will come back in the same way it was before 2008, he says. Some general counsels are now handling some pieces of deals in-house, limiting law firm profits. Four years since the recession began, many big firms still have too many lawyers, and "that's driving really bad pricing decisions," DiPietro says. As an example, he said an AmLaw 50 firm was recently doing fixed-fee litigation work for a client at $350000 per matter. Another AmLaw 50 firm bid $75000 for the same business. The partner responsible ...
- published: 26 Oct 2012
- views: 3155
- author: Bloomberg Law
11:45
"Suicide Prices" & the Coming Crisis at Big Law Firms
Oct. 12 (Bloomberg Law) -- An increasing number of major law firms are quoting "suicide pr...
published: 12 Oct 2012
author: Bloomberg Law
"Suicide Prices" & the Coming Crisis at Big Law Firms
Oct. 12 (Bloomberg Law) -- An increasing number of major law firms are quoting "suicide prices" just to get business that will keep their lawyers occupied, even though the firms can't make money on the work, according to law firm consultant Bruce MacEwen. Those firms may be training clients, like department stores have done with their customers, only to buy when prices are discounted, which could lead to more major firms going out of business, says MacEwen, who writes at Adam Smith, Esq. (www.adamsmithesq.com) There are simply too many partners and associates at many firms. Adding to the firms' economic challenges, the revenues of legal process outsourcers (LPOs) are expected to grow 85 percent in the next few years. The result is more attorney layoffs are likely ahead, he says. Big firms have "avoided the really difficult, awkward conversations" about trimming partner ranks. But "that day is coming, because that's where the money is," he says. "Most partners actually don't understand the firm's business. It's not their job. They want to serve their clients. That's why they made partner. But it presents a tremendous challenge to managing partners" in a time of economic challenges, MacEwen says. Twenty-five years ago, average partner pay at the AmLaw 100 law firms was 11 times higher than that of the average American worker. Today it is 23 times higher. "You cannot grow that tree to the sky forever," says MacEwen. "Some firms get it completely; other firms just are hoping ...
- published: 12 Oct 2012
- views: 9690
- author: Bloomberg Law
12:07
Consultant: The Challenges of Canadian Law Firm Mergers
Dec. 21 (Bloomberg Law) -- A recent spate of cross-border mergers involving Canadian law f...
published: 21 Dec 2012
author: Bloomberg Law
Consultant: The Challenges of Canadian Law Firm Mergers
Dec. 21 (Bloomberg Law) -- A recent spate of cross-border mergers involving Canadian law firms present challenges for those involved, as well as opportunities, according to law firm consultant Jordan Furlong. With only about 10 Fortune 500 companies based in Canada, the country's BigLaw market is driven by trade, and firms are scrambling for a global footprint, says Furlong, a consultant at Edge International and Stem Legal Web Enterprises. The risk is that many Canadian BigLaw firms get lots of business from US firms, and merging with any one of them -- as Norton Rose has done with the United States' Fulbright & Jaworski -- may make work from other US firms dry up. There are rumors of more cross-border mergers in the offing, he says, but if any of the country's very top firms take the plunge "then all bets are off. It will turn the market upside down," he says.
- published: 21 Dec 2012
- views: 275
- author: Bloomberg Law
1:57
Weekly Brief: UBS Smacked in LIBORgate Settlement
Dec. 20 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the...
published: 20 Dec 2012
author: Bloomberg Law
Weekly Brief: UBS Smacked in LIBORgate Settlement
Dec. 20 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. UBS announced a major settlement with US, UK and Swiss authorities for its role in rigging global interest rates. Also, Goldman Sachs and Rajat Gupta are sparring in court over who should pay the nearly $7 million the investment banking giant has spent on Gupta's insider trading scandal. Finally, are we going to see another BigLaw mega-merger? Reports indicate a deal to create a 950-lawyer firm could be in the works.
- published: 20 Dec 2012
- views: 464
- author: Bloomberg Law
15:00
Dean: There's No Oversupply of Lawyers
Jan. 4 (Bloomberg Law) -- The US Bureau of Labor Statistics projects there will be 74000 n...
published: 04 Jan 2013
author: Bloomberg Law
Dean: There's No Oversupply of Lawyers
Jan. 4 (Bloomberg Law) -- The US Bureau of Labor Statistics projects there will be 74000 new lawyer jobs this decade, while American law schools will produce more than 400000 graduates. Despite those numbers, "it's not clear to me there's an oversupply problem at all," says Case Western Reserve Law School Dean Lawrence Mitchell. With so many legal needs of the poor going unmet, "finding different paths for people who truly want to be lawyers opens up all sorts of possibilities" for law graduates to find jobs, he maintains. "We're running a business" that's grown more expensive every year because of clinics and smaller class sizes, he tells Bloomberg Law's Lee Pacchia. Contrary to popular wisdom, "I don't turn over a big chunk [of law school tuition dollars] to the university, and I'm not teaching 150 kids in a class," he says. Mitchell wrote an op-ed in the New York Times in late November, taking to task the many critics of legal education. "The attack on law school disregards . . . we're working hard in good faith" to help students find employment, he says. "That's why I schlep all over the country for two months every summer, like Willie Loman, talking to hiring partners at law firms trying to get my kids jobs."
- published: 04 Jan 2013
- views: 13
- author: Bloomberg Law
1:35
5 Most Influential People In Legal Education: 2012
(Bloomberg Law) -- National Jurist magazine has released its rankings of the 25 most influ...
published: 02 Jan 2013
author: Bloomberg Law
5 Most Influential People In Legal Education: 2012
(Bloomberg Law) -- National Jurist magazine has released its rankings of the 25 most influential people in legal education, based on a survey of 350 professors and deans. Reformers and innovators top the list. #5: Kyle McEntee is co-founder of Law School Transparency. The non-profit is dedicated to "fixing the broken economic model that law schools currently operate with." #4: Erwin Chemerinsky, Dean of the University of California Irvine School of Law, is trying to create the first new elite law school in decades. #3: Frank Wu, the Dean of University of California Hastings College of the Law, is cutting enrollment, by 20% over 3 years, in response to the lousy job market. #2: Professor William Henderson of Indiana University School of Law is building a third-year curriculum that would teach lawyering skills to be paid for by law firms, and taught at a consortium of schools. #1: Leading the list is Professor Brian Tamanaha of Washington University School of Law in St. Louis. He literally wrote the book on legal academia reform. He told us earlier this year that "we lost our moral compass... and ultimately law schools have to be held responsible for this." Read National Jurist's "2012 Most Influential People in Legal Education" here: www.nxtbook.com Bloomberg Law videos featuring National Jurist's 2012 Most Influential People in Legal Education: #1 Brian Tamanaha, Professor, Washington University School of Law in St. Louis: youtu.be #5 Kyle McEntee, Co-founder, Law School ...
- published: 02 Jan 2013
- views: 114
- author: Bloomberg Law
1:32
5 Richest Lawyers In America
(Bloomberg Law) -- Inspired by a post on the website Above the Law, we asked our Bloomberg...
published: 10 Dec 2012
author: Bloomberg Law
5 Richest Lawyers In America
(Bloomberg Law) -- Inspired by a post on the website Above the Law, we asked our Bloomberg Billionaires Index colleagues to research the wealthiest lawyers in America.* None of their fortunes are from practicing law: Robert Rowling is number 5. He briefly practiced tax law before joining his father's oil and gas company. They've since sold it and now own Omni Hotels and Gold's Gym. Number 4 is Randa Duncan Williams, daughter of oil billionaire Dan Duncan. Before joining the family's Enterprise Products Company, she litigated toxic torts cases in Houston. New York's Richard LeFrak is number 3. He went into the family real estate business after law school. Number 2 is Richard Kinder. He practiced law in Houston, then joined his friend Ken Lay at Enron. Now he's CEO of Kinder Morgan Energy Partners. And number 1 is Rob Walton, chairman of Wal-Mart. He practiced briefly before joining the family business. He's the only American lawyer among the world's 100 wealthiest people, ranking number twelve *Net worth as of November 16, 2012 Subscribe to the Bloomberg Law YouTube Channel:www.youtube.com Bloomberg Law: www.bloomberglaw.com Bloomberg Law videos www.youtube.com Bloomberg Law on Twitter: www.twitter.com Bloomberg Law on Facebook:www.facebook.com
- published: 10 Dec 2012
- views: 1394
- author: Bloomberg Law
1:44
Weekly Brief: Avis and ZipCar Tie The Knot
Jan. 3 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the ...
published: 03 Jan 2013
author: Bloomberg Law
Weekly Brief: Avis and ZipCar Tie The Knot
Jan. 3 (Bloomberg Law) -- Bloomberg Law's Lee Pacchia runs through the legal news for the week. Rental car companies Zipcar and Avis kicked off the first big transaction in 2013 by agreeing to merge. Also, Law School Transparency has filed a complaint with the ABA over Rutgers School of Law - Camden's representation of its alumni employment data. Finally, a first of its kind report from Asian Lawyer Magazine lists the 50 largest law firms in the Asia-Pacific region.
- published: 03 Jan 2013
- views: 3
- author: Bloomberg Law
7:46
Consultant: Law Firm Revenues & Profits Dropping, Layoffs Ahead
Sept. 5 (Bloomberg Law) -- Kent Zimmermann, consultant to law firms for the Zeughauser Gro...
published: 05 Sep 2012
author: Bloomberg Law
Consultant: Law Firm Revenues & Profits Dropping, Layoffs Ahead
Sept. 5 (Bloomberg Law) -- Kent Zimmermann, consultant to law firms for the Zeughauser Group, talks with Bloomberg Law's Lee Pacchia about the prospects for the legal services industry in 2013. Kent says that law firms have seen such a steep decline in demand for corporate work in the last six months, that many large law firms will face serious economic turbulence going into 2013. Work is even off in Silicon Valley, thanks to the less-than-stellar Facebook IPO. As a result, Kent says law firms plan to "get lean" by reducing headcount over coming months. Kent also notes that unless the economy improves by mid-2013, three to five AMLaw 200 law firms could go out of business.
- published: 05 Sep 2012
- views: 3610
- author: Bloomberg Law
12:15
Stealth Lawyer: Scott Jordan, Co-Founder of Scottevest
Jan. 2 (Bloomberg) -- Scott Jordan, co-founder of the travel technology clothing line SCOT...
published: 02 Jan 2013
author: Bloomberg Law
Stealth Lawyer: Scott Jordan, Co-Founder of Scottevest
Jan. 2 (Bloomberg) -- Scott Jordan, co-founder of the travel technology clothing line SCOTTEVEST, Inc., talks with Bloomberg Law's Lee Pacchia about his transition from practicing law to creating a travel clothing company. (Source: Bloomberg)
- published: 02 Jan 2013
- views: 187
- author: Bloomberg Law
2:58
Law of the Land: Tax Changes
Jan. 2 (Bloomberg) -- On today's "Money Moves," Peter Cook breaks down taxes in the fiscal...
published: 02 Jan 2013
author: Bloomberg
Law of the Land: Tax Changes
Jan. 2 (Bloomberg) -- On today's "Money Moves," Peter Cook breaks down taxes in the fiscal cliff deal. He speaks on Bloomberg Television's "Lunch Money." (Source: Bloomberg)
- published: 02 Jan 2013
- views: 554
- author: Bloomberg
1:21
10 Legal Icons With Great Mustaches For Movember
(Bloomberg Law) -- Each year, during November, a charity called Movember encourages men to...
published: 26 Nov 2012
author: Bloomberg Law
10 Legal Icons With Great Mustaches For Movember
(Bloomberg Law) -- Each year, during November, a charity called Movember encourages men to grow mustaches to raise money and awareness for men's health issues, specifically prostate and testicular cancer initiatives. Because of the unique relationship, throughout history, between the American lawyer and the mustache, we salute some of the most famous attorneys to wear a lip rug. William Howard Taft Donald Verrilli Eric Holder Jan Schlichtmann Johnnie Cochran Oliver Wendell Holmes, Jr. Alan Dershowitz Douglas H. Ginsburg Clarence Thomas Adam Reposa The staff of Bloomberg Law is carrying on in this grand tradition of legal cookie dusters. We've been growing our lip toupees all month long in support of men's health. If you'd like to contribute to the cause, visit the Movember page of Team Grow Me Maybe. Bloomberg Law's Movember page: us.movember.com Subscribe to the Bloomberg Law YouTube Channel:www.youtube.com Bloomberg Law: www.bloomberglaw.com Bloomberg Law videos www.youtube.com Bloomberg Law on Twitter: www.twitter.com Bloomberg Law on Facebook:www.facebook.com
- published: 26 Nov 2012
- views: 988
- author: Bloomberg Law
13:49
Law Grads Now 'Indentured Servants' To US Government
June 13 (Bloomberg Law) -- Paul Campos, professor of law at University of Colorado at Boul...
published: 13 Jun 2012
author: Bloomberg Law
Law Grads Now 'Indentured Servants' To US Government
June 13 (Bloomberg Law) -- Paul Campos, professor of law at University of Colorado at Boulder School of Law, talks with Bloomberg Law's Lee Pacchia about the rising unemployment and debt levels for recent law school graduates. Campos says years of rising tuitions at law schools and declining employment opportunities have created a generation of educated young people who lack the means to earn enough to adequately service their student debt. Given these circumstances, Campos contends that a law degree currently has a negative net present value. Campos also claims that the student debt crisis for young lawyers is symptomatic of a larger social trend and presents a 'recipe for social turmoil.' In terms of how these trends could be reversed, Campos feels reforming the US Bankruptcy Code to make student loans dischargeable would be an important step in the right direction.
- published: 13 Jun 2012
- views: 5534
- author: Bloomberg Law
Youtube results:
19:29
Dewey Ex-Partner: Headhunters and Media Tanked the Firm
May 10 (Bloomberg Law) -- Stuart Saft, the former head of the real estate group at Dewey &...
published: 10 May 2012
author: Bloomberg Law
Dewey Ex-Partner: Headhunters and Media Tanked the Firm
May 10 (Bloomberg Law) -- Stuart Saft, the former head of the real estate group at Dewey & LeBoeuf, tells Bloomberg Law's Lee Pacchia that legal headhunters spread blog stories about the firm's financial problems to mainstream media reporters because it was in their financial interest to do so. The spread of those stories led to the firm's meltdown, he said. Some of his former partners asked the Manhattan District Attorney to investigate former Dewey chairman Steve Davis in an attempt to nix the firm's merger discussions with other firms, he said. "There'll be plenty of acrimony and anger still to come," he predicts. More than a third of the firm's 300-some partners have left since the beginning of the year. Saft, now head of the New York real estate practice group at Holland & Knight, is the first former Dewey partner to speak on camera since the firm's troubles began earlier this year.
- published: 10 May 2012
- views: 4854
- author: Bloomberg Law
9:06
Top Reasons GCs Fire Law Firms
Oct. 22 (Bloomberg) -- Lisa Hart Shepherd, chief executive officer of legal market researc...
published: 22 Oct 2012
author: Bloomberg Law
Top Reasons GCs Fire Law Firms
Oct. 22 (Bloomberg) -- Lisa Hart Shepherd, chief executive officer of legal market research firm Acritas, discusses primary reasons why general counsels fire their law firms. Shepherd, speaking with Spencer Mazyck in a Bloomberg Law video, also talks about ways law firms can retain business and other results of Acritas' 2012 Sharplegal Global survey of a couple thousand general counsel in 45 countries. (Source: Bloomberg)
- published: 22 Oct 2012
- views: 689
- author: Bloomberg Law
9:32
Lawyer: M&A; Practice Is Booming & Likely to Continue
Nov. 26 (Bloomberg Law) -- Bill Lawlor, an M&A; partner at Dechert LLP, tells Bloomberg Law...
published: 26 Nov 2012
author: Bloomberg Law
Lawyer: M&A; Practice Is Booming & Likely to Continue
Nov. 26 (Bloomberg Law) -- Bill Lawlor, an M&A; partner at Dechert LLP, tells Bloomberg Law's Lee Pacchia that the years-long drought in mergers and acquisitions activity may finally be drawing to a close. His office is seeing a spike in M&A; activity that, barring disaster, he expects to see continue through the medium and longer term. Lawlor says the short-term wave of activity is being driven by the possible end of the Bush tax cuts. Family-owned enterprises are particularly concerned about cashing out before the end of the year, when their tax rates would rise if the cuts are not extended, he says. If Washington deals with the fiscal cliff, increased predictability in tax rates and regulation is likely to increase CEO confidence, which in turn will increase medium-term M&A; activity, he says. Longer term, he says a "powder keg" of M&A; technicals -- such as more than $1 trillion in corporate cash sitting on the sidelines -- is expected to drive an increase in deals. As for specific sectors and industries primed for increased deal flow, Lawlor says that the spike in activity is somewhat arbitrary and that "M&A; catalysts are a real mosaic of chance encounters." And despite all the talk of clients wanting to move away from hourly rates to alternative fee arrangements, many clients are simply using those requests as a "stalking horse" to reduce their legal costs, not to fundamentally change the way their lawyers are paid, he says.
- published: 26 Nov 2012
- views: 1100
- author: Bloomberg Law
4:05
Ex-Dean: I Expect Some Law Schools to Close
April 25 (Bloomberg Law) -- Former University of Nebraska and University of Houston Law Sc...
published: 25 Apr 2012
author: Bloomberg Law
Ex-Dean: I Expect Some Law Schools to Close
April 25 (Bloomberg Law) -- Former University of Nebraska and University of Houston Law School Dean Nancy Rapoport tells Bloomberg Law's Lee Pacchia that she expects some law schools to close their doors because of the student debt crisis. She also handicaps whether Congress will amend the bankruptcy code to let students discharge their student loan debt if they file for bankruptcy. Rapoport is currently a professor at the William S. Boyd School of Law, University of Nevada.
- published: 25 Apr 2012
- views: 2137
- author: Bloomberg Law