Author Archives: Stephen Mayson

The mirage of ownership

Posted on by

This year has started with a flurry of activity and announcements that give the lie to any notion that ABSs will be a damp squib and of no consequence, or that external capital will not be interested in law firms. So far, so good. What I want to explore here is whether external capital should be interested (at least without deep and meaningful enquiry into its target).

In founder-led firms, ownership has real meaning and value. The founders are responsible for developing clients, running the business, and making sure work is performed at a profit. These businesses usually respect the role that everyone plays, and they present an exciting, challenging, and motivating environment. The connection between effort, investment and return is often close and evident.

Continue reading →

Is legal education ‘fit for purpose’?

Posted on by

Last month I took part in the UCL/LexisNexis Legal Education Debate on whether lawyers need to be scholars. I was privileged to be one of the panellists, but found myself in some hot water for suggesting that, viewed in its entirety, the current framework for the education and development of practising lawyers was not ‘fit for purpose’. Let me explain why I reached that conclusion.

We are now into a period of outcomes focused regulation. While in favour of OFR in principle (I quite like the idea of lawyers being trusted to do the right thing), there are still some practical challenges to be overcome – in particular being able to identify what the right outcome is. Be that as it may, my starting point on education and training was less about the question for debate (do lawyers need to be scholars?) and rather more about the outcome: do we produce lawyers who are fit for practice? My view on that, regrettably, is that we don’t produce enough.

Continue reading →

Management opportunities in the post-LSA world

Posted on by

Introduction

Having spent more than 25 years of my life promoting the idea of ‘the business of law’ and the role of professional management in it, I commend the Institute of Legal Finance & Management for its mission and work.  I also very much hope that its members share my excitement and enthusiasm as we approach 2012.

Interestingly, what  we might describe as ‘the post-LSA world’ is not specifically driven by the Legal  Services Act.  The legislation and  accompanying changes in regulation are now part of a much broader and deeper shift in the nature of 21st-century legal practice.  The shift reflects fundamental changes arising in a mature legal economy working its inevitable way towards a new bargain with increasingly well-informed and sophisticated buyers of services in an over-supplied market.  This bargain – and the pace of change – is accelerated by the financial crisis and the Act’s liberalising impetus; but these are accelerators rather than drivers.  The change would have happened anyway.

Continue reading →