Chris Beardmore

A very interesting and important article in the Financial Times about the significance of truly independent investigations and the avoidance of conflicts of interest when large law firms lead investigations into their clients’ activities. This is where independent investigations and specialist disputes firms plug a gap in the market. #Law #LegalNews #Investigations

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Bloomberg law looks at Chambers and Partners - is it ethical to pay for rankings? Clearly not, but the questions should be is how accurate are the results? Let’s put the costs to one side, I regularly speak to lawyers who are ranked and take great pride in those rankings, the rankings of their colleagues, peers and the idea that it is influenced by client feedback resonates with lawyers. Not every lawyer or firm is ranked but many really do work towards this. Not all law is fought out in the court room in fact that’s such a small percentage and the various rankings offer the market a degree of validation, a chance to be recognised, to have your day and to be benchmarked. The rankings are a relativity game when the reality is that the top of law is crowded and there is a lot of noise. ‘Great’ is often matched with great so the differential between one firm or team or partner and another can be finite, but just might make the difference. Is there an issue with it being PE owned? No - businesses are there in part to maximise a profit so it’s unfair to judge the rankings by the ownership, unless the pursuit of profit collides with the idea that the rankings are a honest benchmark. This is where the ‘free to play, pay to win’ model doesn’t work for me. We cannot accept a world where the band 1 practice(s) can only be held if you pay X fee and over an extended time. It lessens the brand of ‘Band 1’! Which doesn’t seem right or fair in any level. Legal 500 and Chamberd are free to use. Some like Juve.de which gets good you pay for the rankings. Both models work and lead to great results but ultimately someone has to pay for the service it just shouldn’t impact the award. Ultimate all rankings form part of brand so advertising is a big part of it. However the amount you pay shouldn’t impact the band you are awarded, that needs to be a strick no no. The process of collecting the rankings and manouvering the firms, individuals, newcomers etc must be an immense effort. It’s a really useful resource and an impressive feet. Big law has so many barometers for success, one being PEP. The issue with PEP is that it doesn’t resonate with clients. Scale can send mixed messages in a world where quality and creativity are valued the largest team isn’t always the best. Years of experience, used to be impactful but I feel increasingly it’s more neuanxed and experience by way of years simply doesn’t get things over the line on its own. So there is a big need for rankings providing they are honest. #fidessearch #webringtherightpeopletogether #law #rankings https://lnkd.in/eE7h-3kM

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I have been chatting to many legal clients over the last few weeks who are still saying one of the key challenges remains attracting talent in a tight market. I have outlined some key advice I would give my clients across private practice and in-house to give them every opportunity to hire the best talent for their team! -           Define your employer branding and ensure that is comes through clearly in all communications – candidates want to know about company values, culture, career paths, work quality, commitment to DE & I etc. Also think about who you are competing with for talent and what makes you different -           If you have testimonials/client case studies I would ensure that you promote these -           Regularly review your compensation and benefits packages – we are more frequently being asked for detailed benefits breakdowns  with an increased focus on wellness benefits and benefits to assist with work life balance -           Work life balance – Hybrid working is no longer seen as a benefit but something that candidates are expecting and so having a good level of work life balance will open up a wider pool of talent -           Professional development and training – be clear and transparent if you can about typical career paths for people – not only will this help to attract talent but also it will assist with retention of existing employees -           Streamline your recruitment process! We are advising clients that they need to keep their process streamlined. I would still recommend two interviews so both the candidate and the client can ascertain if the role is right for both parties but many more processes and you run the risk of loosing candidates in process. -           Use the interview to promote the points above !! For any clients keen to discuss the legal market and talent availability get in touch today to discuss further lindsey@conektlegal.com #legalcareers #solicitorcareers #legaljobs #recruitmentadvice

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Freshfields Bruckhaus Deringer has reportedly boosted the annual salaries for its newly qualified lawyers to a whopping US$190,000 (roughly equivalent to £150,000). 🤯 Assuming these lawyers are expected to bill around 1,600 hours annually (it's likely to be much more), let's use some basic law firm math to conservatively determine a target hourly rate: Target R.O.I per NQ lawyer: $190,000 x 3 = $570,000 per year Hourly rate: $570,000 / 1,600 hours = $356 per hour In contrast, at Support Legal, a senior lawyer with over 10 years of experience recruited from the same or a similar firm can be engaged for as low as $400 per hour. Just saying... 😊 #legalconsultancy #lawfirms #DIFC #ADGM #UAE #salarywars #customerpays

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After the new AMLAW 200 rankings were announced a month or so ago we now get the hotly-anticipated VAULT100 rankings, which are if anything even more relevant. These are the firms that associates in their peer / competitor firms rate as the best 100 law firms in the country, based on research, gut feelings, gossip, feedback etc. Do you agree with these rankings? Should money talk (as it's clearly a significant contributor at the top)?

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📃 Re UKCloud Ltd (in liquidation) is an English case which considers whether security taken over internet protocol addresses was a fixed or floating charge. It helpfully confirms the process for characterising security and provides further colour on the factors relevant to the analysis. This matters because the recovery in insolvency proceedings for lenders looks very different where a charge is floating and not fixed. In this briefing note, we consider the key points and takeaways from the case with insights from Melissa Coakley, Avril Forbes, Philip Hertz, Julia House, Faizal Khan, Paul Landless, and Iain White. Read the full briefing 👇

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A huge #thankyou to the team at Freshfields Bruckhaus Deringer, in particular Katherine D'Urso, John Babtie and Daisy Williamson for hosting myself and tml Partners yesterday for a discussion with a brilliant cohort of legal CMOs on the topic of #EDI across MBD. According to a recent survey, 70% of people still avoid a conversation about EDI for fear of getting something wrong, and what was particularly telling yesterday is that for all the positive momentum around bringing the EDI agenda to the table with great initiatives, so few of us have examples of where positive action is yet to lead to genuine change across legal MBD. At points, silence was arguably more telling and powerful that what was said. From talent attraction to retention, we have a long way to go, and that's where I'm very proud to partner with firms who are being bold in their actions to influence change where it's needed. As a #BCorp, we have a moral obligation to be a part of the solution. Not giving away any spoilers, we've done something quite unique in this space which I was thrilled to be able to talk through and share in 'beta' format yesterday. Underpinned by data, this is something we're going to be sharing with, and ultimately working exclusively with our customers and partners on to drive genuine positive change around equity, diversity and inclusion. To learn more, please do get in touch at David.Price@tmlPartners.com.

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Deciding between a big law firm and a High Street practice is pivotal for legal support roles. What can both offer? ✨ Pros of Big Firms: Large firms offer prestige that enhances your CV and can lead to future prospects. They boast extensive resources like advanced tech, specializing in a specific legal area and working on high-profile cases is common, alongside clear career progression and competitive compensation. 🌿 The Appeal of Small Practices: Smaller firms offer a close-knit atmosphere where contributions are valued and really make an impact. Varied responsibilities rapidly broaden legal expertise and you have the opportunity to learn directly from the seasoned pro's. The balance between work and life often feels more personalized, and you have a tangible impact on the firm's journey. 🤔 The Decision: Your choice is about personal fit. Do you prefer the structured ambition and reputation of a big firm, or the adaptable and personal growth impact of a smaller practice? Think about what aligns with your career goals and which environment will support your evolution. Both options offer unique pathways to success. #LegalCareer #BigLaw #SmallPractice #CareerChoices If you're considering your options, please reach out today: 📧rio@douglas-scott.co.uk ☎️ 0121 272 7371

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How important is job title? All firms will recognise NQ as the most junior level Lawyer, and Partner as the most senior. But in between this, firms will have their own individual pyramid structure. Different firms will have different job titles for their Lawyers, in line with their own benchmarking system. Example. A regional Lawyer has progressed at their current firm from Solicitor, to Associate and is now a Senior Associate. They target a new firm in London – much higher salary, quality work, supportive of ongoing development. A fantastic opportunity that meets and exceeds all expectations. BUT, the new firm has a different job title structure, and the new position would be an Associate role. Not a reflection on the Lawyer’s ability, and not being treated any differently to the Lawyers already working at the new firm. It’s just the structure the new firm has in place. In a year’s time the new firm would promote the Lawyer to a Senior Associate anyway which would still be in line with their own benchmarking. Absolutely everything about the new role is perfect except for immediate job title. Is this enough to prevent you from joining the new firm? What do you do?

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When is the right time to explore new opportunities? Timing can be key in the Legal sector. Consider this: if you’re a lawyer hoping for a promotion in July, it might seem sensible to delay exploring external opportunities until you’ve secured that promotion. Negotiating from a higher level appears advantageous, doesn't it? It can be, however there are many reasons, often beyond your control, why a promotion might not happen as planned. If you're approaching a promotion in the second quarter and interviewing with a firm who are keen to hire you, they know they will have to either match or exceed your expected new status to secure you. However, if your promotion falls through and you delay exploring new opportunities until the third quarter, the chances of being considered for a higher-level role externally are significantly reduced, especially if your current firm has already passed you over. It’s much more challenging to secure a higher role later in the year and is wise to secure your promotion now. If you’d like to explore options give me a call 0447 292 500 #legaljobs #legalrecruitment #lawfirmlife #legalcareers #lawfirmjobs

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The news today that Clifford Chance has matched the £150,000 NQ salary on offer at Freshfields and Linklaters will attract a lot of attention, in addition to increasing pressure on A&O Shearman and Slaughter and May. What we won't see in the headlines is that there are now a number of lawyers in the 1-3PQE range at these firms who are currently paid less than the publicly announced NQ salaries, and those 4PQE+ not much higher. A consequence of the firms race to announce NQ pay rises results in a strange situation where we are hearing from more experienced members of the firms who have been kept in the dark with regard to their own remuneration. This is in contrast to a number of US firms who announce salary increases for all class years at the same time. The rumour mill is in full swing as to what this means for associates further up the PQE bandings from those who are optimistic to those who are frustrated.

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Last week was a big week of news in the legal market. Freshfields increased their NQ salaries to £150,000 and A&O merged with Shearman & Sterling. Two different pieces of news but the motivations for both could be attributed to the same thing. The ever-present threat of US law firms and the war on talent they've created. The US legal market is the biggest in the world and the key to big ticket private equity, litigation, corporate and finance work. Allen & Overy was the 12th largest law firm in the world pre-merger, but to continue to compete they’ve merged with a US firm to further deepen their US client relationships, and the profits they bring. Freshfields NQ salaries are closing in on Cravath scale paying firms. To attract the best and hardest working lawyers Freshfields is closing the gap on pay. I wonder what strategies the other Magic Circle firms will look to employ to keep pace in this competitive market.

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We have collated a brief round-up of important recent cases, procedural developments and hot topics for commercial litigators - read it here: https://lnkd.in/ewQ_TydS

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How is the UK In-House Legal Market shaping up at the half way mark in 2024? Confidence is growing in pockets as we move through the year. The UK general election is done (with little surprise on the result!) and whilst wider economic uncertainty continues to affect the in-house corporate and commercial market, particularly at the senior end, there are some positive signs that H2 will be stronger. 4 key trends: ✳ Sectors: the biggest increase in our instructions compared to this time last year has been in the technology and leisure sectors and the most significant drop in vacancies is within the media sector. ✳ Interim v perm: despite a slower start in Q1, Q2 saw rapid growth of the interim market. With many General Counsel experiencing restrictions in growth of their permanent headcount, the interim and consulting market has seen a further rise in popularity for both clients and interestingly, many more lawyers in permanent positions are considering a switch to this career path. ✳ Talent demand: the highest demand from our clients continues to be for commercial/technology lawyers around 2-6PQE level although we have seen the return of NQ-2PQE positions with many clients finding it easier to source talent at this level due to budget constraints and competition for talent. ✳ Salaries: these have been relatively stable this year but there remains a knock-on effect from law firm salary increases, particularly at the junior of the in-house market. The Q2 newsletter from the Taylor Root In-House team has been sent out this week to all our clients featuring more insights on the market including: ✳ Market Updates - London, UK regions and Interim ✳ How to engage interims: day rate v FTC ✳ General Counsel succession planning ✳ Interviews with Taylor Root’s trustee network ✳ Registration for Taylor Root GC events and trustee network If you would like a copy of the newsletter please email georgiamorgan-wynne@taylorroot.com #generalcounsel #inhouselegal #legal #law #careers

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Thank you to Law360 for interviewing me and my partner, tech law genius Joel Harrison at Gibson Dunn on the EU AI Act. Artificial intelligence constitutes a transformative shift in our lives and a massive challenge for lawyers! But what is life without a challenge? #artificialintelligence #eulaw #echr #esg #internationallaw #internationalarbitration #regulation #onlineplatform #eulitigation

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“Lawrence…keeps lawyers away from “repetitive legal work”, helping clients find cheaper solutions, whilst ensuring that they’re “not getting an AI chatbot, they are getting a real human lawyer working with them”.” And there it is - the best answer we have so far to the question “what will AI look like in the legal work place?”. Those investing in AI clearly realise that the effective practice of law isn’t the same as a multiple choice exam and essentially hinges on the human interaction between lawyer and client. If AI will help me deliver excellent client service by giving me more time to focus on what my clients find most valuable then bring it on. #AI #legalprofession #AIlawyer #solicitorsuk

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