JD Journal » in-house legal departments

Corporate In-House Counsel Consider Blogs (Among Other Things) When Hiring Firms

eric — Thu, 20 May 2010 21:08:57 +0000

A few days ago, Benzinga.com reported on a survey that asked corporate execs and their in-house counsel about their hiring practices when it came to retaining outside law firms. The survey was conducted by Greentarget Strategic Communications, ALM Legal Intelligence and Zeughauser Group and underscored a growing trend among a large number of the attorneys who serve in these corporate legal departments, particularly those responsible for vetting and hiring law firms. Strikingly, one of the factors taken into consideration and a determining one in who gets the company’s business is whether the law firm has a blog.

In addition to the blog factor, the Benziga piece pointed out social platforms, such as Facebook, LinkedIn, and even Twitter, as tools that are being utilized in the hiring process.

All this points in one direction – the lines between personal and professional use of traditionally “private” web-based social forums are becoming more indistinct. Attention firms: on your mark, get set and tweet.

Magazine: The Hartford Has ‘Best Legal Department’

Erik Even — Wed, 20 May 2009 20:28:19 +0000

Incisive Media’s Corporate Counsel magazine today announced the selection of the in-house attorneys of The Hartford Financial Services Group as winners of the magazine’s fourth annual “Best Legal Department” competition.

Corporate Counsel’s editors also named the legal departments of Exelon Corporation and IBM as finalists.

The in-house legal department at The Hartford was selected for its work and success in negotiating, structuring and closing a critical deal with global insurance giant Allianz SE in record time. In the midst of the financial service industry’s meltdown last September, the agreement brought The Hartford a crucial $2.5 billion capital infusion that played a key role in saving the company from insolvency.

The legal team later repeated its stellar performance, enabling The Hartford to acquire a troubled bank under a tight deadline, and allowing the company to qualify for participation in the Treasury Department’s TARP program.

The magazine’s editors cited Exelon Corporation’s legal department for its efforts in expanding pro bono work and improving lawyer diversity. The 580 lawyers in IBM’s global legal team were recognized for their groundbreaking work and innovation across a variety of areas.

Winners were selected from responses submitted to a detailed questionnaire developed by the editors and reporters of Corporate Counsel and distributed to the general counsel of all Fortune 500 corporations.

Founded in 1810, Hartford Connecticut’s Hartford Financial Services Group, aka The Hartford, is a Fortune 100 company, and one of America’s largest investment and insurance companies.

BofA, Merrill Lynch In-House Counsel Must Reapply for Jobs

Erik Even — Mon, 20 Apr 2009 17:17:56 +0000

The merged legal department of Bank of America and Merrill Lynch, with around 700 lawyers, is looking at pending layoffs.

The bank’s lawyers are being required to reapply for their own jobs, which is invariably a precursor to cuts.

Bank of America, based in Charlotte, North Carolina is the largest financial services company in the world, largest bank by assets, and second largest commercial bank by deposits. It serves clients in more than 150 countries and has a relationship with 99 percent of the US Fortune 500 companies and 83 percent of the Fortune Global 500.

The bank plunged in market value after its purchase of Merrill Lynch.

35% of Canadian In-House Legal Departments Have Frozen Hiring

Erik Even — Thu, 02 Apr 2009 20:18:18 +0000

According to the 2009 Barometer survey of Canadian in-house counsel, 66% of in-house lawyers feel the economic situation has affected their legal department; 59% say they are conducting more work internally compared with six months ago; 75% of in-house counsel surveyed say that their legal departments have taken steps to rein in costs.

The survey reports that 38% of legal departments are decreasing the amount of work sent to outside firms.

The survey is conducted by Ipsos Reid for the law firm Davies Ward Phillips & Vineberg and the Canadian Corporate Counsel Association.

More than one-third have implemented a hiring freeze, and 22% have cut their legal department budgets.

In-house lawyers report they still like their jobs, with 77% saying they would recommend becoming an in-house lawyer, and 80% recommending that a lawyer first work at a law firm before going corporate.