Law firms can't bank on mergers
Article Abstract:
The plethora of bank mergers in 1995 has meant the sudden loss of a major client for many law firms and outright termination for in-house counsel. Chase Manhattan's recently announced marriage to Chemical Banking is the largest of five notable financial mergers, and it will probably hit Chase's primary outside counsel, Milbank, Tweed, Hadley & McCloy, especially hard. Mergers do mean more work for some firms, usually those linked to the larger merger partner, but the profitability of banking work is down even for them.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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Dilemma: who will teach associates? Squeezed by their clients' unwillingness to subsidize training, firms seek alternatives
Article Abstract:
Changes in corporate law practice have forced many firms to develop new ways to train associates. Higher salaries for starting lawyers in the 1980s and pressure on corporations to cut costs led to fewer entry-level projects going to the firms, and more insistence that experienced associates do most work. Noticing that now senior associates have less practical experience, firms have begun to cut billable-hour requirements, increase training staff and budgets, and band together to hire experts to conduct seminars.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
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