Ecuador is set to become the newest entrant to the market-friendly Pacific Alliance trade bloc, putting it on a path to receiving greater foreign investment. The legal markets of Ecuador’s prospective trade partners have opened up to foreign firms more than anywhere else in the region. At a roundtable in Quito law firm partners weighed up whether Ecuador’s local heavyweights should fear what is to come, or if there will be enough work to go around.
Lawyers don’t tend to leave a career in private practice to go in-house for the money, instead they’re often after better equilibrium between their professional and personal lives. Nowadays, law firms are competing better with companies on the work–life balance they offer their associates, but how successful are their efforts?
Generation Y is often thought of as a tough nut for employers to crack, so it’s positive news for law firm managing partners that a good number of today’s associates have long-term ambitions at the firms they are in. But with so many lawyers having their heart set on becoming partner and only a certain number of spots available, how can firms maintain satisfaction levels among lawyers, whether they’re on the partnership track or not?
Fewer Latin American law firm associates feel positive about their salaries than they did a few years ago – and for good reason, as many pay packages are not rising above inflation. But despite meagre economic growth putting paid to increases, more associates rate their wages positively than negatively.
For a law firm to be more than a short-lived success, it must be able to guarantee its survival with each handover between different generations of partners. The managing partners of Elite firms reveal how they prepare ahead of time to contend with the reality of partner succession.
The market for legal services is a crowded one worldwide, including Latin America. Silvia Coulter, principal at law firm consultancy LawVision, outlines the need for strategic accounts to protect firms’ revenue stream.
One of this year’s winners of Latin Lawyer’s Lifetime Achievement Award, Ronaldo Veirano, built his eponymous firm into a leading legal institution in Brazil. He reflects on his journey to become one of Brazil’s sharpest and most respected legal minds.
Critical issues as discussed by Latin America's top law firm leaders
If we want things to stay as they are, things will have to change. So wrote Sicilian author Giuseppe Tomasi di Lampedusa in his most famous work, The Leopard. With the legal industry in a state of flux, today’s law firm leaders would do well to consider the tale of fictional Sicilian nobleman Don Fabrizio Corbera and his struggle to survive in the face of intense social change, says lawyer and law firm consultant Bruce MacEwen.
The partnership is the pinnacle of the traditional law firm pyramid, but as lateral hires become more frequent, and millennials show a lack of interest in the partner role, Fernando Peláez-Pier led a discussion that asked whether it’s time for a rethink.