Adam Smith, Esq.: Legal Commentary

Home -> Law Blog Directory -> Legal Commentary Blogs

OR PHONE (866) 635-1838 for Bankruptcy Help, (866) 635-6190 for Divorce,
(866) 635-2689 for Personal Injury or (866) 635-9402 for Criminal Defense

Find a Local Lawyer

Bankruptcy (866) 635-1838
Divorce (866) 635-6190
Personal Injury (866) 635-2689
Criminal Defense (866) 635-9402

Legal Commentary

Adam Smith, Esq.

An inquiry into the economics of law firms.

Post Frequency: 0.9/day

Last Entry: May 16, 2009 at 12:58:52

"Innovation in Legal Services" Sponsored by Allen & Overy

Posted on June 03, 2008
I was invited to attend a presentation on "Innovation in Legal Service Delivery" last Wednesday at Allen & Overy's New York offices, where the conversation was kicked off by four speakers: Ward Bower of Altman-Weil discussing their Legal Transformation Study; Rosemary Martin, newly minted General Counsel of the Practical...

"CSO's?"

Posted on May 28, 2008
Does your firm have a "Chief Strategy Officer?" Thinking about it? Tried it and didn't like it? Well, apropos the news a couple of weeks ago that Cravath has a first ever director of strategic planning, we thought it would be timely to review what's known about "CSO's...

Memorial Day

Posted on May 26, 2008
Arlington National Cemetery, Section 34 looking south...

Lessons From Toyota

Posted on May 25, 2008
Have you ever considered a completely different approach to strategic planning for your firm? An approach kind of like Toyota's? Let me explain. There are traditional and classic strategic plans, which typically focus on practice group and geographic reach, perhaps with an overlay of a third dimension of client or...

To access this complete feed in the blog feed reader login or register for free.

Eversheds Brings Us "The Law Firm of the 21st Century"

Posted on May 22, 2008
Eversheds is often up to interesting things. One of the most attention-getting, which was just renewed for another year, was Tyco's decision to entrust work it had previously distributed among 250 law firms exclusively to Eversheds. Here's the deal in a nutshell: "Tyco has signed up for the second year...

Legal Education Reform?

Posted on May 20, 2008
Timely is the only word for the new article in Booz-Allen's Strategy + Business, which examines the history of business school education and asks if today's MBA programs are out of sync with the needs of 21st Century business. Why timely? For two reasons...

Managing Talent Globally

Posted on May 16, 2008
Do these descriptions fit your firm, or sound credible to you? "Managing talent in global organization is more complex and demanding than it is in a national business." "The movement of employees between countries is still surprisingly limited...

"The Transatlantic Elite:" Sixteen Names And Much More

Posted on May 13, 2008
The Lawyer came out this morning with its first-ever Transatlantic Elite, profiling the leading firms on both sides of the pond. I'm not aware of a comparable journalistic project, or of one that matches its ambition. What it's not, first of all, is a financial or numeric ranking: This is...

Who's On Your "Red Team?"

Posted on May 12, 2008
According to a McKinsey study, in the corporate world, for every five attempts to enter a new market, four fail and only one succeeds. And this isn't limited to startups or novice businesses; it includes very sophisticated firms. For example? Anheuser-Busch tried to diversify into snack foods...

Legal Talk Network Show on the 2008 AmLaw 100

Posted on May 08, 2008
Yesterday Aric Press of The American Lawyer and I were interviewed on the "Legal Talk Network" for this week's half-hour installment of "Lawyer2Lawyer," on the topic of what the recently released 2008 AmLaw 100 figures reveal about the state of the profession these days...

Going Two-Tier? Not So Fast

Posted on May 06, 2008
Thinking of going to a two-tier (equity and non-equity) partnership? Or of increasing the non-equity ranks if (like 80% of the AmLaw 100) you're already two-tier? I'm here to counsel extreme skepticism. And I'm tempted to be even more absolutist: Don't do it...

A "Bubble" in PPP?

Posted on May 05, 2008
A loyal reader, partner in an AmLaw 25, writes, under the topic "Could we be developing a 'bubble' in law firm PPP:" Bruce: I'd be interested in getting your thoughts on the above question. If you define a market "bubble," as a period when the expressed value of an asset...

The Market Is Not Responsible For Your Results

Posted on May 02, 2008
One of my core beliefs is that no one is entitled to incumbency. I can point to the turnover in the AmLaw 100, but to abstract from our industry is often more illuminating because no one gets defensive. In terms of understanding and analyzing enduring corporate cultures, probably no one...

The AmLaw 100 for 2007: "Flash Report"

Posted on April 29, 2008
The American Lawyer not only has a spiffy new website, but this afternoon @ 3pm NY time they offered their first-ever webinar, hosted by Aric Press, offering a preview of the AmLaw 100 for 2007. The full results will be released tonight (look for a link here on "Adam Smith,...

Client Intake is Purely Operational. Not.

Posted on April 24, 2008
Recently I had the chance to sit down for a chat with a "lawyer's lawyer" in that his practice revolves around matters such as partnership agreements (their drafting and interpretation), fee disputes and malpractice litigation, and professional ethics and professional responsibility overall...

"The Future of the Global Law Firm"--Installment #2 (Fall 2009?)

Posted on April 21, 2008
Here are just a few of the early reviews of the Georgetown Law Symposium on "The Future of the Global Law Firm:" “Extraordinarily well done. Interesting people and good stuff.” “I thoroughly enjoyed the conference. It was stimulating, informative, taught me much and yet left me looking for more...

Georgetown Conference on the Future of the Global Law Firm: First-Hand Report

Posted on April 19, 2008
I'm back from the two-day "Future of the Global Law Firm" symposium at Georgetown Law School, which was organized by Prof. Mitt Regan of Georgetown, Prof. Larry Ribstein of the University of Illinois, and myself. You may read other coverage of this elsewhere, as in attendance were Aric Press of...

Georgetown Law Conference on the Future of the Global Law Firm

Posted on April 17, 2008
I'm at the Georgetown Law Conference on the "Future of the Global Law Firm" for the next couple of days. I'll try to report in as close to real time as I can, but whether or not I achieve that objective, look here on "Adam Smith, Esq." for the most...

Of Rivets & CDO's (And Temptation)

Posted on April 16, 2008
In this economic environment of little visibility going forward and indeed little transparency into the health of the transactional practices at the moment, you may find yourself struggling to meet partners' expectations for a continuation of the double-digit growth rates of revenue and income that most firms have enjoyed for...

Diversity, the Billable Hour, & Other Challenges

Posted on April 12, 2008
First comes an FT story on clients demanding more "diversity" in City firms, then a followup letter attributing high female turnover to late night hours, next a WSJ Law Blog piece on how to keep female talent on the partnership track (featuring insights from WilmerHale and Cleary), a Working Mother...

Why KM Matters. With Soundtrack.

Posted on April 10, 2008
Here at "Adam Smith, Esq." I've written about Knowledge Management a fair amount, since it's my belief that knowledge is what law firms sell. But despite the (I believe) inarguable centrality of KM to what we do, there are three enormous problems with it: Too many lawyers don't understand why...

Shea Stadium Is Named For...?

Posted on April 10, 2008
The American Lawyer today takes note of the last opening day of the season of baseball's New York Mets to take place at their home stadium since 1964, Shea Stadium. It was simpler days when Shea opened, and days when a mere lawyer-cum-power broker could actually end up with his...

Slaughters vs. Clifford Chance vs. Networks

Posted on April 08, 2008
The Times (UK) asks today, "Slaughter & May v Clifford Chance: Who is pursuing the best route?" The article puts head-to-head two concepts of what makes for a great and powerful law firm: World-leading profits per partner, on one hand, vs...

Global Management: Central or Local?

Posted on April 05, 2008
"Multilocal?" That's the new McKinsey coinage intended to lend new intellectual luster and heft to the perennial management-theoretical challenge of how to manage multinational firms. No matter how familiar the business issues, now is probably an especially timely moment to revisit them, given the strenuous economic environment...

Georgetown Law Conference on The Future of the Global Law Firm

Posted on March 29, 2008
In less than three weeks, on Thursday and Friday April 17 and 18, the Georgetown Law School Center for the Study of the Legal Profession will host the symposium, "The Future of the Global Law Firm." The Symposium will be at the Law School (a few blocks from the Capitol...

The Lawyer on the US Top 50

Posted on March 26, 2008
The current issue of The Lawyer features the cover story, "US top 50's £23.4bn haul makes 2007 the best year ever." (That's $46.8-billion to us.) Top-line: Year over year revenue for the 50 largest US-headquartered firms was up more than 16%, from $40...

"Legal Transformation Study" Released by Altman Weil

Posted on March 25, 2008
Today Altman Weil announced its release of The Legal Transformation Study: Your 2020 Vision of the Future, published by Decision Strategies International: “The comprehensive industry assessment identified 11 key global trends and uncertainties shaping the future of the legal industry, then developed four possible planning scenarios that the legal...

"Measuring Law Firm Success:" The Law Society Picks Up the Baton

Posted on March 25, 2008
The attentive among you may recall that I was in London last November where, among other things, I was pleased and flattered to have been asked by Guy Beringer of Allen & Overy to participate in a panel hosted at A&O's Bishopsgate headquarters on "Measuring Law Firm Success...

Hard Economics & Associate Lockstep

Posted on March 21, 2008
No question is posed to me more frequently these days than, "What does this economic environment mean for law firms?" To which the only sensible answer is, "It's way too soon to predict anything for sure, but each firm's own situation is sure to differ...

"Adam Smith, Esq." In Strategic Alliance with Altman Weil and Jomati Consultants

Posted on March 18, 2008
With great pleasure, I can today announce that Adam Smith, Esq. has entered into a strategic alliance with Altman Weil, Inc., and with London-based Jomati Consultants LLP to consult with clients on matters related to law firm strategy and economics. I have known Ward Bower of Altman Weil and Tony...

Previous | Next

Related Law Bulletins

Smith reviews Gorsuch on assisted suicide
Sobering:Today a diverse, if loose, coalition of politically stran...

Lessons From Anna Nicole Smith
The below news article answers some questions about custody, visit...

HAS WILL SMITH GONE MAD?
Why is it that when celebrities reach a certain level of fame and ...