Welcome to the April edition of Byfield Bytes, your monthly update on the latest news and trends in the legal industry. Following Ben’s stellar introduction last month, I am thrilled to take the wheel for this edition. I hope to recapture at least some of his vigour and verve. No mean feat!
April marks the beginning of the financial results season, and Kirkland & Ellis once again snagged the top spot as the world’s highest-grossing law firm, raking in a whopping $6.5bn in global revenue. Despite some sluggishness in the large transactions field and predictions of doom due to Q3 and Q4 2022’s economic uncertainty, the biggest grossing firms proved to be remarkably resilient. Oh, and really quite good at making money.
Unfortunately, Ince didn’t share the same good fortune, and went into administration earlier this month. It’s always disheartening to see a firm with such a significant legacy in this position. On behalf of the many talented lawyers and support staff, I hope a buyer can be found soon. The fallout did spark lots of discussions about the track record of ABS law firms, particularly listed ones. While the Ince news isn’t all doom and gloom for those already listed, we’re not sure the appetite is that strong among other firms to consider a listing at this time.
Disruptive technology also remained a hot topic in April, with law firm partners expressing concerns over the lack of regulatory scrutiny on law firms’ use of artificial intelligence. This has only increased calls for greater oversight to be put in place, particularly as the ChatGPT boom continues in Big Law. Will the SRA have more to say about it?
While using AI may be a headache for a few firms, it may also offer business for lawyers as AI is now being used to fake photographs, art, journalistic interviews, and music (as Ben mentioned in the podcast last week!). This might become an area of focus for IP and copyright lawyers. Check out this seriously impressive, AI replicate of Hip Hop megastar Drake. For those of a particular vintage, here’s what 90’s electro pioneers Massive Attack had to say about it.
Finally, in April, the Law Society released guidance for law firms around meeting their net zero targets and tackling climate change. Paul Rogerson analysed the debate about whether law ought to act for climate polluters in a very thoughtful piece for the Gazette, which is well worth your time. Just like global temperatures, this one will continue to heat up in the coming months.
Finally, in case you missed it, you have to watch the utterly bizarre interview given by Interpol fugitive Nicholas Rossi, who was recently found in Glasgow claiming to be Irish orphan Arthur Knight. He is reportedly on his sixth legal team in his fight against extradition to the US. Thoughts and prayers to those erstwhile advocates.
Big Questions for April
- The LSB granted approval for the SRA’s new rules on toxic culture, set to be published soon. With a new duty for all regulated professionals to call out toxic behaviour, how will firms comply with it?
- What will we learn about the health of the sector from UK firm financials after inflation, M&A downturn and the effects of the war in Ukraine?
- Gender pay gap reporting is underway, and we expect more firms to publish their figures in May. Will law firms continue to underwhelm – and why is it still the case?
- What about voluntary ethnic pay gap reporting: will we see an increase in this disclosure? What could incentivise firms to publish that data? And what could firms do to better assist their people’s career progression, and ensure pay equity across levels?
Post of the Month
Good luck to legal hack extraordinaire Ben Rigby who is running as a Lib Dem candidate for the Hutton East ward in the Brentwood Borough Council elections taking place next week!
Lawyer Quote of the Month
Barbara Hamilton-Bruce, Head of Client and Business Operations at Simmons & Simmons:
“Businesses are so invested in getting female talent in. They need to be equally mindful about keeping hold of them.”
Law.com’s thought-provoking piece ‘Get Comfortable With Being Uncomfortable’: An Awkward History of Women’s Health in Law Firms
Byfield Spotlight
Counsel Culture: The Business of Law Podcast just celebrated its six month anniversary! In a special episode released earlier today, Meg headed to the Royal Courts of Justice to sit down with High Court Justice Sir Robin Knowles. They talked everything related to access to justice and pro bono, including the appointment of a new Lord Chancellor, the 10-year anniversary of the Legal Aid Sentencing & Punishment of Offenders Act (LASPO), what the legal industry can do to encourage more pro bono, and the future of the legal aid landscape.
Byfield, alongside ThoughtLeaders4 and Gatehouse Chambers, hosted an in-person event last night, on the FTX scandal and Crypto disputes. We were delighted to contribute to a lively session about the reputational issues for the crypto industry alongside fellow panellists from Skadden, Withers, and FRP Advisory.
Our very own Meg Tillay has been shortlisted for Rising Star of the Year at this year’s PRCA Dare Awards. Congratulations Meg!
We will be hosting an event with the Institute for Turnaround (IFT) on the 3rd May from 08:30 to 09:30, where we will talk about how to get the narrative right for key corporate challenges including internal, media and client communications, focusing on how to manage a turnaround situation.
If you’d like to attend virtually, register via the link below:
Some things you might have missed…
- Counsel Culture Kicked off April with an episode featuring O’Connors Associate Joshua Bates, a professional services regulatory specialist. They look at the law firms cancelling PII policies, anti-money laundering compliance and cryptocurrency payments. Well worth a listen!
- The other episodes of the podcast this month featured some of Byfield’s very own in the form of Founder Gus Sellitto, Joint Managing Director Ben Girdlestone and Associate Director Beth Durkin.
