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Why would a company choose a "top" law firm to represent them
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Date: February 4th, 2012 7:56 PM Author: Federal mint spot yarmulke For transactional work, at least? why wouldn't they just search out lower bidders among the nationally recognized, and still respected firms? I understand that getting clients is largely a relationship game and that once upon a time big companies viewed legal fees as just drops in a bucket, but nowadays, is it getting to the point that lower v100 firm might have a slight advantage with regards to growth prospects due to the fact that they are more competitively priced? Will the top tier white shoe firms be forced to substantially reduce their hourly rates? If so, isn't this kind of like cutting someones salary instead of firing him? Wouldn't companies just rather ditch the more expensive firms and go for a cheaper one? (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896407) |
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Date: February 4th, 2012 7:56 PM Author: bearded double fault den i've known multiple guys who get otu of the big firm, start new shop, try to undercut on price, and F500 corp say "no, we need to be paying 'market' with the big boys, you're too cheap." (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896411) |
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Date: February 4th, 2012 7:57 PM Author: Federal mint spot yarmulke but are you talking about going solo? I'm just talking about switching to a still-well known but less prestigious firm. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896413) |
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Date: February 4th, 2012 8:03 PM Author: Stimulating buff principal's office athletic conference logical. if you're inhouse counsel at a F500, would you prefer a pat on the back for saving $100/hr or get shitcanned when something goes wrong and you can't say "we worked with a leading firm in this practice area and paid them the market rate"? (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896437) |
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Date: February 5th, 2012 2:06 AM Author: Stubborn Fishy Crackhouse tioctcr (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898876) |
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Date: February 4th, 2012 7:59 PM Author: crawly seedy state you have it backwards actually. lower v100 firms are getting squeezed by non vault firms. the top firms are always going to be able to charge premium rates because most of the work they do is considered crucial and no wants to fuck around with the future of a company just to save a few bucks. in-house needs to cover their asses and if something goes wrong they want to be able to say "hey i hired the best firm, what can i do?" (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896423) |
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Date: February 5th, 2012 1:53 AM Author: Aphrodisiac persian kitty cat but how much bet the farm litigation is a company getting into?
If you are having constant bet the farm lit, maybe the issue is not in your legal, no? |
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Date: February 5th, 2012 1:54 AM Author: Yapping potus OP asked about transactional (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898823) |
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Date: February 5th, 2012 2:00 AM Author: Aphrodisiac persian kitty cat my bad, reading comp fail. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898841) |
Date: February 4th, 2012 7:59 PM Author: claret dysfunction dla piper doesnt know how to do a poison pill bro (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896420) |
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Date: February 4th, 2012 8:18 PM Author: Ultramarine disturbing degenerate (2L taking corps) (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896498) |
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Date: February 4th, 2012 8:21 PM Author: claret dysfunction try V10 associate bro (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896510) |
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Date: February 4th, 2012 8:21 PM Author: electric embarrassed to the bone ticket booth ]pk (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896513) |
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Date: February 4th, 2012 8:22 PM Author: bearded double fault den (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896518) |
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Date: February 5th, 2012 2:02 AM Author: Obsidian misanthropic gay wizard DLA Piper did Groupon IPO. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898857) |
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Date: February 4th, 2012 8:30 PM Author: soul-stirring shitlib national it's a racket bro. and by racket, i mean racket. big companies would never hire a small-penised firm to handle important work - for liability reasons. it's now become "bad business judgment" to hire anyone but shearman and his bros to do your corporate work. just accept it and move on. this is the world in which we live brother. just be glad you're a part of the cog and not one of the poor faggots who hate us but want to be us. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896558) |
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Date: February 4th, 2012 9:04 PM Author: Comical sepia foreskin there are actually cases holding that failing to hire a top firm falls afoul of the business judgment rule? (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896713) |
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Date: February 4th, 2012 9:01 PM Author: Mauve laughsome brethren Liability reasons for one....second, there is a big difference in quality. Top firms on average just do better work, drive a harder bargain, and get u a better deal. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19896703) |
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Date: February 5th, 2012 1:46 AM Author: Arousing church masturbator Think about how many retarded $100k EV issues are lurking in a a $5b deal (if we push on it they will indemnify us, but if not we will pay it, or if we draft the tax clauses more tightly they won't be able to grab this little credit before they pass control). Each one of those that gets fixed pays for a hundred hours of partner time, and good partners can fix one of these in a few minutes, although he will probably instead bill you for a bunch of associate time where they send emails to each other trying to figure out what is going on. The numbers are so big that you pay up for expertise. Baller bankers get the big bucks for negotiating $5b vs. $4b, but you can add a lot of value chipping away in clauses that are too legalistic and petty for bankers to come in and renegotiate price, but that transfer value to your client. Until you've seen a star M&A partner take 3/4 relevant points from a mid-range M&A partner at a shittier firm in a two hour call while 3 associates sit around gaping and running the clock, you won't understand why the star makes 3x as much. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898782) |
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Date: February 5th, 2012 1:55 AM Author: excitant walnut indian lodge Lol. He takes the points because his client has the money and the leverage. Not because he is smarter or better. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898825) |
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Date: February 5th, 2012 1:56 AM Author: Chest-beating corn cake (2L who will be interning for a state judge this summer) (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898829) |
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Date: February 5th, 2012 2:02 AM Author: Arousing church masturbator The deal is going to happen. It's just a matter of who is better at controlling the tone of the discussion and letting the other guy feel like he is winning his fair share while actually reallocating value to your side. It can be done from the buy side or the sell side, but if you watch from a neutral point-of-view it's usually pretty clear which lawyer is doing it to the other. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898855) |
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Date: February 5th, 2012 2:16 AM Author: Nighttime bistre sandwich Greetings, This is secretly my fear. Pretty soon I'm going to be the point man negotiating some commercial Ks. Fuck my ass. |
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Date: February 5th, 2012 1:58 AM Author: Purple Parlour Newt Lower vault firms suck. Hourly rates are not much lower either. (http://www.autoadmit.com/thread.php?thread_id=1865315&forum_id=2#19898837) |