Biglaw

Vereins Did Not Perform Up to Par in 2013
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

In a report from American Lawyer on April 28, the magazine noted the disappointing performance of a group of law firms in the United States that they have named “the six giant alternatives.”

According to The Economist, the report says that the firms under-performed in 2013. All of the six firms created ‘vereins,’ which are Swiss partnerships that allows them to keep separate national or regional profit pools under a single brand. All of the firms except for one are in the top 15 in the United States according to revenue and were formed using mergers in the past 10 years.

  
What
Where


The vereins are protesting that the numbers are not correct. They claim that four of the six firms were able to increase their profits-per-partner in 2013. The remaining two firms, Norton Rose Fulbright and Dentons , were created just last year from mergers.

A possible explanation for the disappointing performance of the vereins is that the firms that joined the alliances were not leaders in their markets in the U.S. or in their specialist areas.

An executive from DLA Piper, Jay Rains, says that the firm’s new scale has helped it bring in clients from many nations and lawyers “who would not have been interested in the predecessor firmswe’re now acknowledged to be a challenger brand to the pre-eminent firms.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Steve Immelt is the incoming boss for Hogan Lovells. Immelt said, “Some [vereins] were not as profitable to begin with, and it should not be a surprise that when you put them together, you don’t have alchemy happen. It’s not the structure. It’s where you are in the market and what clients are prepared to pay you.”

Tony Williams is from Jomati Consultants. Williams said, “The more alignment of remuneration you’ve got, the greater the chances of providing the service the client wants.”



If you’re looking for law firm attorney jobs, click here.



 

RELEVANT JOBS

Sr. Staff Attorney

USA-FL-Hollywood

Created within this position is an opportunity to work for a dynamic organization on the front lines...

Apply now

Government / Municipal Law Attorney

USA-CA-Burbank

Position Available: Government / Municipal Law Attorney (primarily transactional work). Desired E...

Apply now

Fall 2020 Legal Fellowship

USA-DC-Washington

NARAL PRO-Choice America Seeks 2020 Fall LEGAL FELLOW Location: Washington, DC This positio...

Apply now

Employment Advocate

USA-CA-Pasadena

Legal Authority is at the forefront of the job placement industry. We are looking for an experi...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Life Sciences Attorney

USA-OH-Cleveland

Cleveland office of a BCG Attorney Search top ranked law firm seeks Life Sciences Attorney with 1 ye...

Apply Now

Partner-level Corporate Lawyer

USA-NY-New York City

New York City office of a BCG Attorney Search top ranked law firm seeks Partner-level Corporate Lawy...

Apply Now

Transactional Attorney

USA-MA-Boston

Boston office of a BCG Attorney Search top ranked law firm seeks Transactional Attorney with 4 years...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top