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The Huseby Journal

In the news: Law firm mergers increasing, attrition rates explained

Law firm mergers at record pace

U.S. law firms are on a record pace for mergers and acquisitions according to this analysis. (Altman Weil Inc.)

The Newtown Square, Pa.-based firm reported 52 combinations through the end of June, topping the prior midyear peak of 48 in 2015 and 2016. Altman Weil’s Eric Seeger said the "chief driver of combinations is the battle for market share that's being waged in response to flat or decreasing demand for law firm services, and we don't expect that to change any time soon."

There were a total of 85 mergers in 2016 and 91 the year before, the most ever. Activity in 2017 may even reach or push past the 2015 level, Altman Weil forecasts.

Why do associates leave law firms?

There are two primary reasons associates leave their law firms according to new survey data. (ABA Journal)

For every 25 new associates hired, 17 other associates left last year, the survey showed.

The No. 1 reason is dissatisfaction with work quality, according to the survey of 128 law firms by the NALP Foundation for Law Career Research and Education.

The No. 2 reason associates leave law firms is because they want to pursue their specific practice interests.

The article cites a number of ways firms can address the issue:

• Create a work coordination system to balance associate workflow in slow and busy times.

• Make new associates feel welcome by assisting with introductions, perhaps through scheduled lunches and other activities.

• Provide meaningful and regular training, along with mentoring.

• Clearly communicate the path to partnership and promotion, as well as the compensation structure.

• Minimize associate contact with difficult partners.

Author
Paul Isom

Related Articles

Law roundup: Steps for changing your legal department or law firm, law schools fight enrollment decline, more

husebyhHuseby continues to be deeply engaged in legal issues of the day. Through that engagement, Huseby can better serve all of your litigation support needs. Anywhere you need us in the U.S. or internationally, our schedulers are available and ready to assist.

Click Here to schedule with Huseby or call (800) 333-2082 to speak directly with a scheduler.

Here are some of important legal issues making news:

Leading change in legal departments If your legal department needs to make changes, an article in Inside Counsel offers specific steps for making change happen, according to Inside Counsel.

Speaking on a panel, a ConAgra general counselor said, “Many, if not most, significant change initiatives fail” because lawyers “think of change as an event instead of a process.”

It’s actually an eight-step process, panelists said.

Read more.

Scales of justice image by stockmonkeys.com, via Flickr Creative Commons. Scales of justice image by stockmonkeys.com, via Flickr Creative Commons.

Law schools looking for non-lawyers American law schools, hurting for students and trying to boost enrollment, are launching master's-degree programs geared specifically for nonlawyers who want grounding in legal basics.

Applications to law schools are at their lowest level since 2001, according to The Wall Street Journal. In addition to enrolling doctors, urban planners and environmental consultants, the paper says law schools are beefing up existing programs for foreign lawyers and attorneys who want additional degrees in intellectual property and other popular practice areas.

Read more.

Justice Department and the Associated Press Legal professionals and the public are boning up on the press’ legal rights, in light of the Justice Department’s leak investigation, in which Associated Press phone records were seized.

The New York Times has a nice rundown of articles about the legal issues surrounding the action with perspectives that range from “outrageous and overreaching” to “the press is entitled to no special protection.”

Read more.

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Nashville's top five law firms thrive in the Music City

Bass Berry & Sims leads the list of biggest law firms in Nashville, Tennessee, according to a new survey. (Nashville Business Journal)

Bass Berry & Sims employs 214 attorneys and is headquartered at 150 3rd Ave. S. in the Music City.

Waller is second with 195. Bradley Arant Boult Cummings is third with 124.

That's followed by Baker Donelson Bearman Caldwell & Berkowitz (108) and Butler Snow (57).

Huseby Inc. continues to have a presence in Nashville, providing good people, service and technology to the Music City. We will continue to invest in the Nashville legal community and are committed to demonstrating that.

Huseby has a high concentration of Tennessee’s best and most technologically savvy real-time court reporters, including Jim Vowell, who is a three-time past president of the Tennessee Court Reporters Association and former board member.

Huseby Inc.’s Nashville location

Vowell, Jennings & Huseby
214 2nd Ave. N, Suite 207
Nashville, TN 37201

(615) 256-1935
(800) 641-9390
Fax: 615-244-3434

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