Issue 31

Clifford Chance’s difficulties during the past two years have been well publicised. In this issue their managing partner tells us how the firm responded to the crisis and how they were able, in the face of opposition, to restructure the partnership.

In 2006, we surveyed law firm strategies. We now publish a fresh survey which reveals that – contrary to expectations – law firms have not been blown off course by the recession. Their strategies, by and large, have survived intact.

David Gold reflects on his five years as Herbert Smith’s Senior Partner. Was his reign a success? In a frank and wide-ranging interview, he admits to disappointments but feels that overall the partnership is now much stronger.

Our Russia report looks at the increasingly precarious position of Western law firms acting for clients who are out of favour with the government and other powerful interests.

Law firms are moving to abolish PQE-based remuneration and billing in favour of a merit-based approach. Naturally, associates see this as a devious manoeuvre to reduce their salaries.