3 ASIAN LEGAL BUSINESS – AUGUST 2023 WWW.LEGALBUSINESSONLINE.COM THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW U.S. LAW FIRMS SAW Average pay increase for UK lawyers who changed jobs this year, according to a survey by Realm Recruit. For lawyers remaining at the same firm, more than half received little or no pay rise. RISING DEMAND IN Q2 (Reuters) Demand growth for legal work in counter-cyclical practice areas and higher rates buoyed large and midsized law firms’ financial performance in the second quarter of 2023. Demand increased 1.5 percent year-over-year, with bankruptcy, labour and employment, litigation and antitrust among practices that helped drive growth, according to the latest edition of the Thomson Reuters Institute’s Law Firm Financial Index. The index, which tracks key financial metrics across 170 large and midsized law firms, jumped 6 points in the second quarter of 2023 to the highest score since the first quarter of 2022. Averaged worked rates - the rate a client has agreed to pay to engage a firm on a legal matter - grew by 5.9 percent in the second quarter of 2023 compared to the same period the prior year. The new figures contrast with Q2 2022, when there was “dramatic impact” from a decline in law firm transactional practices, said William Josten, manager for enterprise legal content at the Thomson Reuters Institute. 15 PERCENT Legaltech solutions and enterprise legal services provider Consilio has agreed to buy legal resourcing firm Lawyers On Demand (LOD) and legaltech consultancy SYKE. Founded in 2007, LOD has some 4,500 lawyers globally in its roster. IN THE NEWS Dame Sue Carr is set to become the first female UK lord chief justice in history on Oct. 1. Carr’s appointment was described by Law Society President Lubna Shuja as a “great step forward for diversity in the senior judiciary.” Percentage of M&A lawyers who believe AI is set to play an increasingly important role in M&A transactions, according to a survey by legaltech firm Litera of lawyers in six countries globally. “SUBWAY SERVES 100% REAL, WILD-CAUGHT TUNA.” QUOTE UNQUOTE (Reuters) Weil, Gotshal & Manges recently rolled out a new policy requiring U.S. lawyers to work in the office at least four days a week. All lawyers in Weil’s U.S. offices will be expected to work in the office Monday through Thursday beginning Sept. 5. New York-founded law firms Skadden, Arps, Slate, Meagher & Flom and Davis Polk & Wardwell adopted post-Labor Day policies requiring office work Monday through Thursday, helping set what could become a new industry standard. Law firm leaders are increasing their demands for in-person work as other U.S. sectors, including the New York-centered finance industry, also press for more office attendance. Many U.S. law firms began to require lawyers to work in the office three days or more per week while others continue to offer greater flexibility, with at least a few allowing indefinite remote work. Sandwich chain Subway releases a statement claiming its tuna sandwich contains the real thing after a 2021 California lawsuit that claimed otherwise was dismissed. FOUR-DAY OFFICE RULE GAINS TRACTION AMONG NEW YORK LAW FIRMS
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