The debate about whether the legal industry should move away from hourly billing has existed ever since the business model took hold in the 1960s. Over the years the American Bar Association, the Association of Corporate Counsel and all manner of legal industry commentators have railed against the perverse incentives that this approach to billing creates.
We've all had our fair share of 'customer service nightmares'. But a recent complaint letter to Richard Branson takes customer feedback to a whole new level.
Croton Stokes Wilson is not the largest Lloyd’s Broking house in the London market but they are leading most of their competitors when it comes to office automation and forward thinking.
Lloyd’s has recently announced the new Lloyd’s Exchange initiative which is being established to provide two key aims: remove the future need to maintain multiple connections with other parties and suppliers in the market, and to ensure that one standard is enforced.
I've worked in and around the London Insurance Market for over 20 years and enjoy being in the middle of a vibrant marketplace where brokers and underwriters ply their trade. The market has traditionally traded face-to-face and technology is generally seen as a threat to that method of negotiation.
At the start of 2007, Tyco International reduced the number of its external legal providers across Europe, the Middle East and Africa from 250 to one; Eversheds. 12 months on, Nina Goswami of TheLawyer.com reports that Eversheds has become the sole provider to six other companies including Samsung and Akzo Nobel.
If there's one lesson from the failure of Lehman Brothers, et al, it's that ignorance is not bliss and what you don't know can hurt you. This seems especially true when you're handling financial weapons of mass destruction. Because playing with WMDs is risky business, and miscalculating the risks can bring a multi-billion dollar business to its knees.
Only a crazy bank would try to innovate during a recession, right?
Wrong, according to Clayton Christensen’s firm Innosight. It might be tempting to batten down the hatches, cut spending, and focus on incremental improvements to your core business. But a failure to keep innovating will hurt your ability to compete in the longer term. In the words of Amex CEO Ken Chenault, “A difficult economic environment argues for the need to innovate more, not to pull back.”
Legal In house lawyers are back in vogue. For the first time in years, more GCs plan to hire extra in-house lawyers than not. Indeed, just under half of all GCs surveyed (49%) in the latest Altman Weil Chief Legal Officer Survey (2008) are planning to beef up their internal legal teams. Which is great news for corporate counsel.