Contents & Welcome
elcome to the June edition of Lawyer Monthly, we have plenty in store to keep you up to date with all of the latest news and features from the corporate legal world.
The last month has certainly been a busy one across the world, with an abundance of stories filling the news pages of the world’s media. In Europe, the UK has been busy with the Diamond Jubilee celebrations as well as final preparations for the fast approaching Olympic Games – something which has increased business and investment for a large majority of the country’s business sector and will hopefully give a much needed boost to its economy. In addition, the Euro zone is still in crisis with many issues arising on what seems like a daily basis and no quick solution in near sight.
Big news this month for the legal world was the announcement that the long established, international law firm of Dewey & LeBoeuf LLP finally filed for protection under Chapter 11 of the U.S. Bankruptcy Code. This was the climax of months of trouble which saw what seemed like an almost constant stream of lawyers jumping ship for the safer confines of other firms. Commenting on the sad, but not surprising news, the firm’s Executive Partner, Stephen J. Horvath, said in a press release: “We are proud of the dedication and professionalism that has characterized Dewey & LeBoeuf over many years, and we intend to bring the same focus to the unfortunate task of closing out our affairs.” As always when an established name falls foul of economic circumstances, their peers undoubtedly begin to feel uneasy, and surely other large firms must be feeling the strain of trying not to succumb to the same fate as Dewey & LeBoeuf. It can’t help but beg the question - what went wrong and how can other firms protect themselves? Among the rumoured reasons for Dewey’s demise are allegations of a criminal nature, huge debt troubles and ambitious contract guarantees, but there are several other potential reasons as to why a firm of this size and age could fail. One of these is a failure to adapt to a rapidly changing market. All businesses need to be willing to evolve consistently in order to effectively reflect, and respond to, the needs of their client base and the changing world in which we live – perhaps those that fail to avoid bankruptcy failed to adapt?
Whatever the reasons for the firm’s collapse, it will be interesting over the next few months to observe the legal industry and see how other firms will change their approach in a bid to stay afloat, in what seems, now more than ever, incredibly tough times for this industry.
As usual, we have plenty of news from the corporate and legal worlds this month, as well as several exclusive features providing insight, analysis and comment. Our features this month include an exclusive interview with the world’s largest offshore law firm, Appleby, who talks to us about its latest Offshore M&A Q1 2012 report, and an interesting insight from Mars Drinks UK into the working lives of modern lawyers.
As always, I hope you enjoy this month’s issue of Lawyer Monthly, and I look forward to bringing you more news and insight next month.
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