Microsoft sets 90% target for alternative fee arrangements
One of the world’s largest corporates wants to move away from billable hours and to deepen the relationship it has with the law firms it works with.
In a post published on LinkedIn, Microsoft’s deputy general counsel David Howard said that the company had looked into its relationship with the law firms “it relies on every day” and realised that they wanted stronger relationships with the firm.
He added that moving away from transactional fees would help deepen the relationship between Microsoft’s in-house team and law firms. Many firms, he wrote, have embraced alternative fee arrangements.
From now on, the firm is working with more law firms on a retainer basis and wants 90% of work to be done under alternative fee arrangements within 2 years.
Howard wrote that the firms with the lowest hourly rates are not always the most efficient which may mean higher overall costs.
Among the firm that are joining Microsoft in its Strategic Partner Program are Greenberg Traurig, K&L Gates, Latham & Watkins and Orrick.
Baker McKenzie revenue rises to $2.67 billion
Global revenue at Baker McKenzie grew 5% in constant currency terms to U$2.67 billion in FY2017. PEP was up by 1.2% or 0.2% in dollar terms at $1.3 million.
The Asia Pacific region contributed 26% of the firm’s revenue with 37% for the Americas and EMEA. Each of the regions increased revenue by at least 4%.
"We have plenty else to be proud of this year - record client demand for our services, a great crop of new lateral hires, the successful launch of our market-leading innovation initiative, and our long-term strategic investments in New York, London and China paying off,” said global chair Paul Rawlinson.
Baker’s highest growth industry sector was TMT while tax, dispute resolution, banking & finance, M&A, and capital markets all saw notable growth.
The firm increased its headcount of fee-earners to 6,076 with women making up 42% of its lawyers and 26% of its partners.
KWM announces new EUME leader
King & Wood Mallesons has appointed M&A and investment partner Wang Rongkang as its managing partner of the EUME region.
He will lead the development, operations and integration of the European and Middle East offices which were set up after the collapse of the region’s former separate arm of the verein.
Mr Wang also chairs KWM’s China Finance Committee and has been acting as managing partner for the South China offices. He was one of the founders of the firm’s Shenzhen office.
KWM has also announced the appointment of four new partners in the region.
