Nimble Trends - 27 December 2017

From more work for employment lawyers, tax lawyers, and M&A lawyers to prior "in-house experience" possibly required to a bankrupt company owing major law firms close to $3.5 million in legal fees to tips on starting a virtual law firm to law departments thinking outside counsel fees are too high and wanting law firms to embrace technology these are the major legal industry trends we've been reading about this week.

Legal Industry Trends

The volume of sexual harassment claims has driven up demand for not only labor and employment lawyers but also white collar and insurance lawyers.  https://biglawbusiness.com/metoo-movement-brings-busy-times-for-labor-lawyers/

BIA has acquired US Legal Support and enters the E-Discovery market.  Expect to see more consolidation of E-Discovery.  https://www.law.com/legaltechnews/sites/legaltechnews/2017/12/15/bia-acquires-us-legal-support-e-discovery-seeking-to-stay-ahead-of-fragmented-market/

Opioid manufacturers and distributors are in the cross-hairs.  https://www.law.com/texaslawyer/sites/texaslawyer/2017/12/19/texas-county-turns-to-plaintiffs-firms-for-big-deal-opioid-suit/

Big law firms are flocking to Texas and the result has been a hot lateral market.  https://www.law.com/texaslawyer/sites/texaslawyer/2017/12/21/2017-the-year-out-of-state-firms-moved-into-texas-and-lateral-hiring-got-hot/

The New Tax Bill has cranked up the work for Tax Lawyers.  https://www.law.com/sites/almstaff/2017/12/20/brew-a-pot-of-coffee-this-big-law-tax-attorney-is-burning-the-midnight-oil/

December 2017 has turned out to be the busiest for M&A in a decade.  https://www.bloomberg.com/news/articles/2017-12-22/bankers-busiest-in-decade-in-rush-to-get-deals-done-by-christmas

Is prior “in-house experience” required to get an in-house job?  This post says “it depends”.  Our experience is that prior experience is preferred but not required.  http://www.thelawyerwhisperer.com/question/how-important-is-in-house-experience-when-applying-for-an-in-house-job/

 

Law Firms

Orrick has acquired a white collar defense boutique in D.C. and New York will this move pay off given the ongoing lack of market demand for litigation?  https://www.law.com/newyorklawjournal/sites/newyorklawjournal/2017/12/17/orrick-grows-litigation-ranks-by-absorbing-boutique/

That’s some big outstanding accounts receivable!  Cobalt International owes several law firms around $3.5 million in legal fees according to bankruptcy filings, including Skadden at $2.7 million and Wachtell $1.1 million.  https://www.law.com/americanlawyer/sites/americanlawyer/2017/12/15/cobalt-bankruptcy-leaves-big-law-in-the-lurch/

Ropes & Gray is reducing bonuses for lawyers that didn’t submit their time entries on time.  Makes sense.  Revenue is what drives the firm.  Lawyers need to be taught and understand the business of law.  https://abovethelaw.com/2017/12/ropes-gray-bonus-contains-a-fun-punishment/

5 law firms in the UK have paid a total of 30 Million Pounds to land lateral partners from other law firms. Happy Holidays! https://www.thelawyer.com/lawyers-top-10-hires-2017/?cmpid=dnews_4483530&utm_medium=email&utm_source=newsletter&utm_campaign=dnews&adg=6248D1B6-053B-4E66-8BBD-088D68C3D87A

When a former named partner leaves for a new firm, the battle over clients can get messy.  https://www.law.com/newyorklawjournal/sites/newyorklawjournal/2017/12/19/panel-wont-dismiss-fraud-claims-lodged-against-cnn-analyst-paul-callan-by-former-firm/

Here are some high-level tips on starting a virtual law firm.  https://abovethelaw.com/small-firm-center/2017/12/own-it-how-to-start-a-law-firm-in-the-virtual-law-office-era/

Want more guidance?  Nimble’s consulting team helps lawyers set up new law firms.  

 

Law Departments

Goldman Sachs has hired a new co-General Counsel from Sullivan & Cromwell.  It’s tough sledding to go directly from a law firm to the General Counsel role with no prior in-house experience.  That’s probably why she’s sharing the role, for now.  https://www.bloomberg.com/news/articles/2017-12-19/goldman-hires-outside-attorney-as-partner-and-co-general-counsel

A good lesson to anyone that leaves a law firm for an in-house or public service role.  You can’t be beholden to your former law firm.  https://www.law.com/americanlawyer/sites/americanlawyer/2017/12/19/ex-jones-day-partner-resigns-from-top-chicago-prosecutor-role/

In-house lawyers continue to think outside counsel rates are exorbitant, want them to be more cost sensitive, and embrace technology.  Hey law firms, Nimble can help you with all of this.  https://www.law.com/americanlawyer/sites/americanlawyer/2017/12/18/what-do-google-and-uber-want-from-their-lawyers-in-2018/

 

Data Privacy

What does a data privacy and security practice look like?  https://abovethelaw.com/2017/12/10-things-to-know-about-privacy-and-data-security-practice/


Compliance

U.S. Senate will delay voting on autonomous vehicle bill until 2018.  https://biglawbusiness.com/senate-wont-vote-on-self-driving-car-bill-in-2017-thune/

 

Diversity and Inclusion

Signs that a company is pretending to be diverse.  https://abovethelaw.com/2017/12/this-is-how-companies-pretend-to-be-diverse/

 

Legal Soap Opera

Client suing partner for poor representation.  Oh by the way, the partner married the client’s ex-wife.  https://www.law.com/americanlawyer/sites/americanlawyer/2017/12/22/ex-client-says-barnes-thornburg-partner-bungled-his-case-and-stole-his-wife/