GC’s want to take over more work from law firms
In-house legal teams want to take a bigger share of the work according to the general counsel of a major US tech firm. Larry Boyd of Ingram Micro, a former Stanford Law graduate and GC at the firm since 2004 told Bloomberg that he believes companies will need to figure out how to do more things for themselves in a bid to keep costs down. He says the external law firms need to do more or charge less. Boyd notes that some work will always require the services of external counsel but that where possible it is done in-house. The overall cost is not necessarily the big issue though; Boyd says efficiency can win the work.
Banks spend $400 billion on legal costs
A survey of global banks has found that the sector’s legal spend since 2010 is more than AU$400 billion. The CCP Research Foundation’s figure includes litigation, fines, settlements and provisions at sixteen global banks. The total has risen by 18 per cent from the previous five-year period to 2013 and included a 66 per cent increase in fees, fines and settlements. The provisions are lower as many of the banks have already settled investigations such as rate rigging.
International law firm partner to take Thailand arbitration role
A Bangkok partner at Herbert Smith Freehills has been appointed chair of the ICC Thailand Commission on Arbitration. Gavin Margetson will lead the committee which promotes Thailand as a centre of arbitration for business disputes as well as examining existing dispute settlement services and studying the juridical aspects of the practice. Herbert Smith Freehills is the only international law firm on commission and is the only law firm to be represented by two lawyers with Margetson joined by Bangkok senior associate Vanina Sucharitkul, ICC Court representative for Thailand.
Trainee sets out to become senior partner; achieves it after 32 years
When lawyer Stuart McNeil joined a small law firm in Wiltshire, UK, he had a goal; to be the senior partner within 20 years. He’s stayed with the firm he joined at the age of 22 and slowly has achieved his dream, albeit in 32 years. The litigation partner joined Bevirs as a trainee in 1983 and told the Swindon Advertiser that it is “rather strange to find myself in this position after so many years but I’m going to give it the best I’ve got”.