Holding the Line in Hong Kong
September 18, 2006
Almost 1 year into his tenure as Hong Kong secretary for justice, Wong Yan Lung talked with <i>China Trade Law Report's</i> ALM affiliate <i>Legal Times</i> reporter Anna Palmer on Sept. 11 at the Mandarin Oriental Hotel in Washington. <br>The 43-year-old former barrister answered questions about the status of the legal system after it transferred to the basic law of Hong Kong in 1997, Hong Kong's relationship with China and the larger international legal community, and U.S. lawyers entering the country's legal market. What follows is an edited transcript of that interview.
Professional Development University: Ahead of the Curve
September 05, 2006
Why are law firm partners, associates and staff retreating? Has the battle become so intense that the commanders believe the troops need to pull back, refresh and reorganize? Or cut their losses and move on? Is it a time away from the daily grind of billable hours and client demands that provides everyone with a minute to breathe on the firm's dime? Is it reward or retribution? Is there a moment or two of professional development that will be recognized as CLE? Is it the new leadership's moment to deliver the 'new message' to a captive audience? Is it a time for partners and executives to take a few steps back so they can make greater progress on key business objectives in the coming months? This article answers those questions.
The Birth of the Inclusionary Firm
September 05, 2006
The recent death of Peter Drucker, one of America's greatest business philosophers ' a man who substantially changed the practice of American management ' brought forth an abundant burst of adoration and glorification from all corners of the business and journalistic world. Articles and memorials quoted extensively from his works.
Sprinting Toward a Brick Wall
September 05, 2006
The Baby-Boomer generation entered the practice of law in unprecedented numbers, carrying lofty expectations and the collective willpower to engender unprecedented billable hours. Now this tsunami of active lawyers is moving toward senior status, phase-down and retirement. Despite the complex emotions engendered by retirement, the Baby-Boomer generation of lawyers ' and the law firms in which they have participated or help build ' <i>must</i> plan their future.
Associate Compensation Increases
September 05, 2006
Among professional service firms, there is a definite increase in competition for talent. But competition for talent could indicate a commensurate increase in salaries and billing rates that will probably put tremendous pressure on law firms to be more efficient and effective in the delivery of legal services. This pressure will change a law firm's business model and culture. How will the staffing and business models change, and how will law firms use these trends to improve their competitive position? These issues are the focus of this article.
Hedge Funds Target Film Productions
September 01, 2006
Hedge funds have gone Hollywood. Chasing high returns, money managers are plunking down hundreds of millions of dollars to finance films such as 'Superman Returns' and 'Nanny McPhee.' At the same time, the influx of money from hedge funds and private-equity firms is reshaping film-financing deals, leading entertainment lawyers toward lucrative transactions and new clients who might want a little glamour-by-association.
For Bally Total Fitness, Timing Is Everything in Franchising Decision
August 31, 2006
Bally Total Fitness is one of the most recognized brands in the U.S. fitness industry and the largest purchaser of fitness equipment in the country. The company spends $55 million annually on marketing and media support, and it offers the power of more than 40 years of business success and 20,000 employees that make the company strong ' all key components to a successful and highly sought-after franchising program. So why hasn't Bally implemented a national franchising program?
Law Firms Look At Closing Pay Systems
August 31, 2006
Unlike the vast majority of businesses in the United States, law firms generally operate under open systems that disclose the compensation of individual attorneys. The closed systems at Jones Day and Greenberg Traurig are major exceptions. But some observers say that law firms are moving toward closed systems as they function more like businesses and less like true partnerships.
Eight Steps for Boosting Associate and Lateral Retention
August 31, 2006
Attorney attrition is expensive. Replacing departing colleagues means not only recruiting and hiring strong candidates, but also investing in training for the new hires. Cost estimates for replacing an associate are typically between 100% and 200% of the associate's annual salary. The soft costs ' lost institutional knowledge and potential morale problems ' may be even greater. And attorneys who leave with bad feelings about the firm can spread their ill will in the local legal community, or try to lure others to follow. A mass exodus, of course, can cripple a firm.
