w w w. h e n g e l e r. c o m what law firms can do to help clients through difficult times dr....
TRANSCRIPT
w w w . h e n g e l e r . c o m
What Law Firms Can Do to HelpClients Through Difficult Times
Dr. Cord-Georg Hasselmann
Kiev, 25 June 2009
Fourth CIS Local Counsel Forum
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2Overview
I. Changing Role of the Lawyers 4 - 5
1. General Trends 4
2. Results 5
II. What Should We Be? 6
III. What Should We Do? 7 - 12
1. Quality of Legal Advice 8
2. Quality of Services 9
3. Quality of Fees 10
4. The Art of Billing 11 - 12
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3Overview
IV. Recommendations 13 - 14
Firm Profile 15 - 16
Partner Profile 17
4
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I. Changing Role of Lawyers
I. Changing Role of Lawyers
1. General Trends
• From legal advisor (so-called “organs of the administration of justice”) to service provider, from consultant to business man
• Growing similarity to management consultants, investment bankers, accountants and IT consultants
• Lawyers as highly qualified technocrats / legal services as commodity / provision of know-how rather than just knowledge of the law
• From value-based fee schedules to freely negotiated, outcome- oriented remuneration
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I. Changing Role of Lawyers
2. Results
• Weaker relationships
• Lower level of loyalty / fiercer competition
• Higher pressure on fees
• Increased dependency on clients
• Increasing liability cases
• In short: We act as business men and are therefore treated as such
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II. What Should We Be?
II. What Should We Be?
• Expert in the fields of law
• Partner of our client
• Independent adviser
• Problem solver rather than problem highlighter
• Professionals rather than merchants
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III. What Should We Do?
III. What Should We Do?
It is not just about fees, it is quality, quality, quality!
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III. What Should We Do?
1. Quality of Legal Advice – Try to be the Best
• Knowledge of the law
- Experience- Specialization
• Understanding of the client’s needs
• Apply the law to the client’s needs
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III. What Should We Do?
2. Quality of Services
• Responsiveness
• Pro-activeness
• Service and result orientation
• Taylor-made advice
• Independence
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III. What Should We Do?
3. Quality of Fees
• Adequate
• Reasonable
• Competitive
• Flexible
• Creative
• Acceptable
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III. What Should We Do?
4. The Art of Billing
• Hourly rates inadequate and more and more unacceptable
• Rather, each mandate requires its own formula based on a variety of factors: Value billing
- value of the matter- time spent- complexity of the issues- importance to the client- value added by the lawyer- special characteristics of the mandate
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III. What Should We Do?
4. The Art of Billing (cont’d)
• Alignment of both-sides interests and appropriate risk sharing
• Ultimate test: The fees must be acceptable for the client in light of what he gets from the law firm
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IV. Recommendations
IV. Recommendations
1. Do not underestimate your client
2. Let your client see that you understand his situation
3. Do not impose your views upon those of your client
4. Do not try to solve your (economic) problems on the back of your clients
5. Develop a long-term client relationship
6. Increase your efficiency
7. Do not treat clients you hope for better than existing clients
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IV. Recommendations
In Short: Make your Client Happy!
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15Hengeler Mueller: Overview
Germany
Berlin 43 / 11 (lawyers/partners)
Düsseldorf 82 / 26
Frankfurt 92 / 37
Munich 17 / 7
United Kingdom
London 8 / 2
Belgium
Brussels 6 / 3
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Banking and Finance Law Firm of the Year 2008
Law Firm of the Year 2007
Insurance Law Firm of the Year 2006
Competition Law Firm of the Year 2005
M&A Law Firm of the Year 2004
Law Firm of the Year (Germany)
2005/2006/2007/2008
Hengeler Mueller: Awards
Law Firm of the Year (Germany)
2003/2004/2005/2007
Chambers GlobalLaw Firm of the Year (Germany)
2005/2006Chambers Europe
Law Firm of the Year (Germany)2008
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Dr. Cord-Georg Hasselmann
Born 1956 in Hamburg
Admitted to bar 1987
Notary
Hengeler Mueller since 1987
Partner since 1991
Office: Berlin
Telephone: +49 30 20374-155
Email: [email protected]
Education: Universities of Munich and Hamburg (Dr. jur.)Georgetown University, Washington, D.C. (LL.M.)
Practice Areas: Public Procurement Law / PPP Mergers & Acquisitions / Joint VenturesCentral and Eastern Europe
Hengeler Mueller: Partner Profile