Axiom Law, one of NewLaw’s pioneering companies, both internationally and in Asia, has announced a new private equity investment from Permira, a major investor in LegalZoom.  The new investment comes after a recent planned initial public offering (IPO) was cancelled. As Thomas Allen details in Legal Business, the investment amount is undisclosed, but the investment makes Permira Axiom Law’s majority owner. Permira’s secondary investment in LegalZoom last year totalled USD $500 Million.…
With the march of technology, law firms face a profit problem if two trends persist. The first trend relates to how firms charge for their services. Recent Acritas data reveals that time-based pricing still predominates across the legal market. This includes both billing retrospectively via hourly rates as well as upfront capped or fixed-fee pricing based simply on an estimate of time multiplied by hourly rates. The second trend relates to investment and advances in…
I re-phrased the headline of this week’s Remaking News of the Week to read Canadian business is turning away from BigLaw because, like some others, I find the reference to ‘alternative legal service providers’ in the source of the news an anachronism. Anita Balakrishnan reported an important trend in her October 2, 2019 Law Times article which she headlined Close to 50% of Canadian businesses will turn to alternative legal service providers within 5 years. In using…
The College of Law Practice Management presents In Tune With the Future, a conference focused on demonstrating how the future of legal practice has already arrived. The conference will take place in Nashville on 24-25 October 2019, featuring 40+ experts presenting examples of the future in practice today. Tim Corcoran is one of the organisers and he writes: We’re excited to be in Nashville – “Music City” – because it provides an excellent backdrop…
A “happy camper” is how Heather Suttie describes herself having been a guest at the first-ever Legal Innovation Summit, which was part of the Fireside 2019 conference. The experience was extraordinary, writes Heather. Fireside is an annual invitation-only, off-the-grid, an all-inclusive retreat for 450 of the world’s most inspiring innovators, investors and influencers. It takes place at Camp Walden, a beautiful 750-acre summer camp with a pristine private lake in the middle of nowhere –…
In Remaking News of the Week: Cole Silver’s timely statement of the obvious says: “Clients put food on your table and they’re the reason you exist. Having a client centric leadership is the key to driving superior performance and a competitive advantage” (LinkedIn). One might well ask why make a statement like this newsworthy? Answer: Yes, it’s a self-evident truth, but still far from a reality for the majority of clients of BigLaw business…
In Remaking News of the Week, Mark Rigotti speaks about the future of work in an interview with journalist James Ashton. Mark is the long-standing CEO of Herbert Snith Freehills which is a pioneer of many new ways in a legacy BigLaw business model firm. Today the shape and nature of the workforce are very different from how it was 10, 20 years ago. The prolific rise of mobile technology, the cloud, better forms of…
Words matter: Customers, not Clients is a significant think-piece by Dialogue contributor Patrick Lamb.  Earlier this year, I changed the name of this blog from In Search of Perfect Client Service to In Search of Great Customer Experiences. I explained the reasons, but I glossed over the change from client service to customer experience.  Recently, I was challenged to explain why clients were no longer clients, but instead “mere customers.”  This is my…
BigLaw partnerships’ productivity lesson for big corporates was first published by Joel Barolksy, a prolific contributor to Dialogue, as Law firm partnerships could give BHP a productivity lesson, an opinion piece published in the Australian Financial Review on 6 September 2019. CEO Andrew Mackenzie and the top 200 global executives at BHP Billiton do not dig for iron ore, or cart coal, or drill for oil. They are 100 per cent dedicated to the task of leading and…
With Strategies for uncertain times, Heather Suttie makes a positive contribution in the gloomy, global environment from which no legal services provider will be shielded.  It’s said that wars are won by strategy and battles are won by tactics. If that’s the case, then uncertainty around upcoming international political events—Canada’s federal election, Brexit, the 2020 U.S. election and forecasts for a financially-soft 2020 worldwide—may be among the factors that spur discontented clients to force change…