Is the Legal Industry Ready for SharePoint? | CMSwire.com

Microsoft Hates Legal

Okay, so maybe that’s a bit harsh. But it’s clear they want little business catering to legal, since they just recently axed their Legal & Professional Services sales team. Maybe it was the Clifford Chance partnership that made Microsoft loathe the legal beast. But to me, it’s legal in general that is to blame.

The biggest law firms in the world have a few thousand total users. The biggest corporations that Microsoft caters to are in the hundreds of thousands. You’d think that would make things easier for Microsoft. But legal tends to be the most fussy when it comes to document management, something SharePoint has been severely criticized about. After all, a law firm’s entire business model is driven by authoring, delivering and storing documents. Their competition has been perfecting this technology for many years, and SharePoint has some catching up to do.

Legal also tends to think that they are the most important vertical on the block. In my world, they are. In Microsoft’s world, they are a small catch.

However, don’t let this scare you away from SharePoint. I think Microsoft is doing what they do best. Perfect the framework, and then rely heavily on ISVs and partners to fill in the gaps. Bottom line: Microsoft does not want to be in the business of providing the kind of extensive consulting and customization services required to make legal happy. But they are in the business of providing the engine that can get you there.

via Is the Legal Industry Ready for SharePoint?.

German High Court Decision Could Limit Derivatives Business

(Thomson Reuters Accelus) A recent judgment from the Bundesgerichtshof, Germany’s highest civil court, on the sale of an interest-rate derivative investment to a corporate client could have far-reaching implications for the distribution of derivatives in the country, local officials said.

In a ruling on March 22 the court set out new standards for advising clients on the purchase of complex derivatives products, which could limit banks’ activities. What is more, the ruling could still herald the beginning of new legislation prohibiting the sale of risky investments to some classes of investors, particularly municipalities and other public entities.

Marc Benzler, partner at Clifford Chance in Frankfurt, said: “We cannot entirely exclude that in relation to this case and others there may be some further legislation. It is currently difficult to predict in which direction it may go.”

The court’s judgment against Deutsche Bank, which awarded its client Ille Papier Service €541,047 in damages, has already emboldened investors to sue banks to recoup losses incurred from risky derivatives investments which they claim they were mis-sold. German lawyers have warned, however, that the high court ruling will not automatically result in big pay-outs for unhappy investors.

via German High Court Decision Could Limit Derivatives Business.

German High Court Decision Could Limit Derivatives Business

(Thomson Reuters Accelus) A recent judgment from the Bundesgerichtshof, Germany’s highest civil court, on the sale of an interest-rate derivative investment to a corporate client could have far-reaching implications for the distribution of derivatives in the country, local officials said.

In a ruling on March 22 the court set out new standards for advising clients on the purchase of complex derivatives products, which could limit banks’ activities. What is more, the ruling could still herald the beginning of new legislation prohibiting the sale of risky investments to some classes of investors, particularly municipalities and other public entities.

Marc Benzler, partner at Clifford Chance in Frankfurt, said: “We cannot entirely exclude that in relation to this case and others there may be some further legislation. It is currently difficult to predict in which direction it may go.”

The court’s judgment against Deutsche Bank, which awarded its client Ille Papier Service €541,047 in damages, has already emboldened investors to sue banks to recoup losses incurred from risky derivatives investments which they claim they were mis-sold. German lawyers have warned, however, that the high court ruling will not automatically result in big pay-outs for unhappy investors.

via German High Court Decision Could Limit Derivatives Business.

Disputes sans frontières | The Lawyer

High stakes: who’s who in the $20bn transatlantic litigation market

There was a time when the idea of cross-border regulatory cooperation was so unlikely it was used by litigators as part of the strategy.

“Things would just take so long because there was no cross-border inter-connectedness,” says one New York-based litigation partner. “Things fell into the ocean.”

Not any more. What used to be a black hole is now one of the driving forces behind the global growth of litigation.

As Clifford Chance’s global head of litigation Jeremy Sandelson points out in our Special Report, starting on page 25, “I believe there will be much greater coordination betweenregulators as they each seek to protect their ’own’ markets while at the same time attempting to get to grips with global issues.”

via Disputes sans frontières | Features | The Lawyer.

And the Largest Law Firm in the World is . . . * – Law Blog – WSJ

A simple question: Which law firm is the largest in the world?

* Of course, the answer depends on the metrics used. But in regard to gross revenue, in 2010, there’s a new name on top: Baker & McKenzie.

The news comes courtesy of the American Lawyer’s “Global 100″ issue, which ranks the largest firms by gross revenue. (The Global 100, which typically runs in the magazine’s October issue, isn’t to be confused with the “AmLaw 100,” which runs in the May issue and ranks the largest firms in the U.S., by revenue.)

Baker & McKenzie tops the pack, with gross revenues in 2009 of $2.104 billion. The firm edged out Skadden, which took home $2.100 billion in 2009. (Skadden, it might be noted, has twice the revenue per lawyer of Baker.)

The rest of the top 10: 3) Clifford Chance ($1.875 billion); 4) Linklaters ($1.853 billion); 5) Latham & Watkins ($1.821 billion); 6) Freshfields ($1.787 billion); 7) Allen & Overy ($1.645 billion); 8) Jones Day ($1.520 billion); 9) Kirkland & Ellis ($1.428 billion); 10) Sidley Austin ($1.357 billion).

via And the Largest Law Firm in the World is . . . * – Law Blog – WSJ.

Law Firm Inks $852 Million Outsourcing Deal

Legal process outsourcing (LPO) company Integreon has entered into what it describes in a press release as the largest legal outsourcing deal ever, worth $852 million over 10 years, with British law firm CMS Cameron McKenna.

The work covered by the agreement — nonbillable support tasks such as accounting, human resources, marketing, training and information technology — does not affect lawyers directly.

According to the U.K. publication Legal Week, that means current law firm jobs won’t necessarily be shipped overseas. Instead, CMS employees whose “middle office” duties are covered by the deal will continue with their jobs but will start drawing a paycheck from Integreon rather than from the law firm.

CMS managing partner Duncan Weston told Legal Week, “We are not anticipating any redundancies at the moment. We want this to be seen as something which will be positive for the career development of our business support staff with the opportunities that they will have at Integreon.”

The deal is not the first of its kind for Los Angeles-based Integreon, but it is the largest, according to the company. Integreon, which maintains outsourcing centers in India as well as in the Philippines and South Africa, has previously handled support services for Clifford Chance and DLA Piper.

One notable aspect of Integreon’s agreement with CMS Cameron is the openness about the price tag. Most firms that turn to LPOs for discovery and other legal work ask not to be identified, much less have the value of their contracts disclosed. Thus, while rough estimates of the potential multibillion-dollar market for legal outsourcing have been bandied about for several years, the true scale of the industry has so far been hard to capture. That may be changing.

via Law Firm Inks $852 Million Outsourcing Deal.

A Litigation Boutique Grows in Manhattan

Regular readers of our Churn feature know there was no shortage of big firm litigators hanging out their own shingles last year. Our colleague Nate Raymond at sibling publication the New York Law Journal checked in with a group of five former Clifford Chance litigators who joined the boutique boom by setting up their own shop to handle international arbitration, reinsurance, and commercial litigation in Manhattan. Here's his profile of the boutique Chaffetz Lindsey.

Writes Raymond, “A recession may not seem like the perfect environment for starting a new law business, but with clients under pressure to manage costs and large firms favoring institutional clients in potential conflicts, dozens of boutiques have popped up offering sophisticated legal expertise at reasonable costs to clients large and small.”

via A Litigation Boutique Grows in Manhattan.

2009 Global Top 100 Law Firm Rankings Announced

The Legal Week 2009 Top 100 Global Law Rankings have been release, with the top 10 noted below:
1      Linklaters (UK)
2      Freshfields Bruckhaus Deringer (UK)
3      Clifford Chance (UK)
4      Skadden Arps Slate Meagher & Flom (US)
5      Baker & McKenzie¹ (US)
6      Allen & Overy (UK)
7      Latham & Watkins (US)
8      Jones Day (US)
9      Sidley Austin (US)
10    White & Case (US)

Full Report

U.K. Firms Face Up to Challenge in Punishing Moscow Market

Russia is continuing to prove a challenging location for U.K. law firms struggling to occupy lawyers against the backdrop of an M&A market that has seen deal volumes nearly halve over the last year.

After Simmons & Simmons last month became the first major international firm to pull out of the market altogether following a partnership vote, partners at other firms have admitted that cracking Moscow is proving more difficult than many would have thought.

Simmons’ decision to close the office and lay off staff two years after entering the market was attributed by the firm to the drop in structured finance activity, which the office had initially been built around.

Despite the closure coming as a surprise to many in Moscow, Simmons’ position is indicative of the problems that many firms have faced, with Clifford Chance, Allen & Overy, White & Case and Denton Wilde Sapte among those reducing headcount in the region over the last year.

via U.K. Firms Face Up to Challenge in Punishing Moscow Market .