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Hildebrandt Watch

Law Firm Merger Activity Back on Track, Says Hildebrandt Baker Robbins MergerWatch Report

Law firm merger activity picked up during the second quarter of 2010, with a total of ten completed mergers involving U.S.-based law firms. This marks a rise in activity from the four completed mergers in the first quarter of 2010, and the nine completed mergers in the second quarter of 2009. Two additional mergers have been announced which are slated to be completed during the third quarter of 2010. However, despite the pickup in activity in the second quarter, merger activity year-to-date still lags that of 2009 by a wide margin with 14 mergers in the first half of 2010 compared with 42 in the first half of 2009.
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The 2010 Client Advisory

For most law firm leaders, 2009 will be etched in their memories as the year they would most like to forget. In many ways, it was the worst year for the legal market in at least the past half century, particularly as it followed a difficult 2008. Challenged by the sharp downturn in the overall economy, most firms struggled to maintain profitability and many implemented broad staff reductions and deep spending cuts that would have been unimaginable even three years ago. While the year ended with some hopeful signs, we enter 2010 with little prospect of a robust recovery and with mounting evidence that the profession is entering an era in which the fundamental economics of legal practice are likely to be significantly different.
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Hildebrandt Baker Robbins Launches Annual IT Spending & Staffing Survey and New Finance Operations Survey

Hildebrandt Baker Robbins announces the launch of two important surveys: the annual IT Spending & Staffing Survey for 2010 and the new Finance Operations Survey. Each survey covers separate and distinct functional departments within the law firm community. By participating in these surveys, law firm administrators can gain access to valuable information on key operational metrics without a high price tag.
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Hildebrandt Baker Robbins Ranks First Among Law Firm Consultants

Hildebrandt Baker Robbins is pleased to announce that for the fourth time in five years, our firm has ranked first among law firm consultancies in the Annual ILTA Legal Technology Purchasing Survey.
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Hildebrandt Baker Robbins Peer Monitor Economic Index Down Slightly in Second Quarter

The Hildebrandt Baker Robbins Peer Monitor Economic Index (PMI) was down one point in the second quarter of 2010 to a reading of 54. A PMI of 65 or greater indicates strong law firm market performance. Demand for law firm services was largely flat for the quarter and rate growth was weak. Overall, cost reductions were unable to improve firm profitability in the face of sluggish demand and rate growth. Demand, as measured by billable hours, was flat in the second quarter compared with a year earlier. Rate growth, which measures rates for negotiated worked hours, dropped to 2.6 percent from the same quarter a year earlier, marking some of the slowest rate growth seen by PMI. In addition, collected rates were flat, and are expected to show only modest growth, or even a slight decline, for the year as a whole.
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Alternative Pricing: A Lasting Change in How Clients Buy Legal Services

Legal services pricing is the hottest topic in law firms today. Many companies are experiencing significant cost pressures and legal services, which for years have been excluded from corporate scrutiny, are now expected to find efficiencies and cost savings. Moreover, the conversation has gone beyond simply pricing to actually delivering services on a different, and more cost effective, basis. Some lawyers, remembering the host of articles over the last 25 years calling for “alternative pricing” and predicting the death of the billable hour, question whether law firms will ever bill significant amounts of work on a non-hourly basis. Others see pricing and service delivery as a way to partner with key clients and enhance their market position.
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Hildebrandt Baker Robbins Introduces Talent Accelerator

HILDEBRANDT BAKER ROBBINS introduces Talent Accelerator, which combines our extensive experience customizing competency-based associate development models with a more standardized model that can be adopted at a lower cost. Talent Accelerator brings you world-class expertise and value at a price you can afford. We begin with a standardized model, developed from HILDEBRANDT BAKER ROBBINS’ years of experience in law firm competency modeling. We then tailor this model to fit the needs of your firm and provide you with focused guidance on how to incorporate this model into associate advancement, compensation and evaluation. By not “starting from scratch” we can provide a competency model that fits your needs, without the cost and time associated with building it yourself. And by providing a focused and ongoing process-coaching program, we can help you “do-it-yourself,” which promotes buy-in while helping you keep on-track with best practices and avoid potential pitfalls.
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Hildebrandt and Baker Robbins & Company Are Now One Firm

Hildebrandt and Baker Robbins & Company, the two leading consultancies serving the legal market, merged into a single company, effective January 1, 2010. Both were part of the Business of Law group of Thomson Reuters.

Hildebrandt was the premier management consulting firm serving law firms and corporate and governmental law departments throughout the world. Baker Robbins & Company was the leading technology and business process consulting firm for the same market. Together, the new firm – which is known as Hildebrandt Baker Robbins – is the largest and most diversified consultancy serving the legal market, with more than 120 consultants working around the world in a broad range of practice areas. 
 

To read the merger announcement press release, click here >>

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Hildebrandt Baker Robbins Insight

August 27, 2010:

 

Law departments continue to be challenged – to cut costs, reduce risk, become more efficient – while budget increases are still elusive. In a recent article in The Legal Intelligencer, Hildebrandt Baker Robbins consultant Rebecca Thorkildsen describes a case study of a law department charged with cutting legal cost by 10%. She suggests reviewing the status of high risk matters on a regular basis, establishing a matter closing process, and tying procedures back to performance management. In doing so, law departments can reduce cost and risk while providing a foundation of good data for future analysis.

 

To read the complete article, click here. 
 

 

 

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