
The Week: Redundancies, Deal Delights, Linklaters Label, Heller Haemorrhage and Jacko Beat It
It will be no surprise that more redundanies emerged this week. The numbers involved were less than we’ve been used to recently, although this is no comfort to those individuals affected. The odd bit of advice and a dose of humour to ease the pain is the only medicine we can offer. (If you haven’t looked at it yet, the Odd Todd cartoon below might amuse. The site is owned and operated by Todd Rosenberg, an unemployed "dotcommer" at …
It will be no surprise that more redundanies emerged this week. The numbers involved were less than we’ve been used to recently, although this is no comfort to those individuals affected. The odd bit of advice and a dose of humour to ease the pain is the only medicine we can offer. (If you haven’t looked at it yet, the Odd Todd cartoon below might amuse. The site is owned and operated by Todd Rosenberg, an unemployed "dotcommer" at the time of the 2001 crash – so not a lawyer but hey). Whilst on the subject, A&O employees will be facing a tough few weeks ahead of them but it is understood that 15 representatives have now been appointed in different practice areas to consult with them during the cull. To see how other associates are ‘preparing’ for the downturn click here .
Although there is a lot of grim news rolling through the headlines at the moment, there are some silver clouds – we noted a number of deals that firms have been picking up as gargantuan insolvencies unfold. Not pretty by any account, but like they say – you have to look for the positives.
As we have seen, law firms are not immune from insolvency themselves. Details have emerged this week from one US big-law collapse which occurred as the downturn took hold. Heller Ehrman was very well established having been founded in San Francisco in 1890 and its failure demonstrates the fierce nature of the downturn (if anyone needed further evidence). The firm’s bankruptcy filing reveals that it paid out more than $7m (£4.8m) to 35 departing or retiring partners in 2008. As Legal Week succinctly puts it: "the filing paints a picture of Heller’s shrinking capital coffers as a steady stream of partners left during 2008. The departures led to the firm having its accounts frozen after breaking a loan covenant, which precipitated its collapse."
With a more upbeat tempo and a little closer to home, the Law Society has ranked 118 in the Business Superbrands survey with Linklaters being ranking as the highest law firm at 227. The survey marks the 500 strongest brands in business. Seven other law firms made the list: Clifford Chance (231), Eversheds (241), Slaughter and May (310), Freshfields Bruckhaus Deringer (314), Allen & Overy (402), Herbert Smith (493) and Norton Rose (500). However, the superman of search engines, Google came first.
Finally, on a more tabloidish note Michael Jackson , just can’t avoid lawyers… This week, Torrance law firm, Ayscough & Marar, which represented Jackson on various civil matters around the time he was on trial for child molestation in 2005 has this week emerged the victor in a protracted court battle with Jacko over unpaid legal fees. Some people never learn…










February 27, 2009
The ‘good’ news hardly dents the bad. Great pic tho
February 27, 2009
best law brand. Noted.