Morgan Lewis & Paul Hastings
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Two things awe starry sky abo moral law
e me most, the ove me and the within me. IMMANUEL KANT
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Numbers 250+
99%
Arbitration
Cases Won
$140K
45
Annually Salary
Amicus Curiae Briefs
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Morgan Lewis & Paul Hastings
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ABOUT International style the first examples of which are generally cited as being from the 1950s
OVERVIEW There are many variations of passages
SERVICES By injected humour, or randomised words which don’t look
OUR TEAM Even slightly believable
AWARDED PROJECTS If you are going to use a passage
TAX AND ADVISORY Wherein Quality is taken on-board, professionalism and endurance
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About Morgan Lewis & Paul Hastings Law Firm
RESTRICTIONS ON OWNERSHIP INTERESTS
MULTINATIONAL LAW FIRM 6
Morgan Lewis & Paul Hastings
FINANCIAL INDICATORS
In many countries, including the United
lawyers in providing legal services, and does
States, there is a rule that only lawyers may
not allow for the sale of ownership shares to
have an ownership interest in, or be man-
mere passive nonlawyer investors. The U.K.
agers of, a law firm. Thus, law firms cannot
had a similar rule barring nonlawyer own-
quickly raise capital through initial public
ership, but under reforms implemented
offerings on the stock market, like most
by the Legal Services Act of 2007 law firms
corporations. They must either raise capital
have been able to take on a limited num-
through additional capital contributions
ber of non-lawyer partners and lawyers have
from existing or equity partners, or must
been allowed to enter into a wide variety
take on debt, usually in the form of a line of
of business relationships with non-lawyers
credit secured by their accounts receivable.
and non-lawyer owned businesses. This has
THREE FINANCIAL STATISTICS ARE TYPICALLY USED TO MEASURE AND RANK LAW FIRMS’ PERFORMANCE
allowed, for example, grocery stores, banks
At major United States law firms, the “compensation spread” (ratio between the highest partner salary and lowest partner salary) among firms disclosing information ranges from 3:1 to 24:1. Higher spreads are intended to promote individual performance.
and community organizations to hire lawyers to provide in-store and online basic legal services to customers. •
Profits per partner (PPP): Net operating income divided by number of equity partners. High PPP is often correlated with prestige of a firm and its attractiveness to potential equity partners. However, the indicator is prone to manipulation by reclassifying less profitable partners as non-equity partners.
•
Revenue per lawyer (RPL): Gross revenue divided by number of lawyers. This statistic shows the revenuegenerating ability of the firm’s lawyers in general, but does not factor in the firm’s expenses such as associate compensation and office overhead.
•
Average compensation of partners (ACP): Total amount paid to equity and nonequity partners (i.e., net operating income plus nonequity partner compensation) divided by the total number of equity
The rule is controversial. It is justified by many in the legal profession, notably the American Bar Association which rejected a proposal to change the rule in its Ethics 20/20 reforms, as necessary to prevent conflicts of interest. In the adversarial system of justice, a lawyer has a duty to be a zealous
In the United States this complete bar to
and loyal advocate on behalf of the client,
nonlawyer ownership has been codified by
and also has a duty to not bill the client ex-
the American Bar Association as paragraph
cessively. Also, as an officer of the court, a
(d) of Rule 5.4 of the Model Rules of Pro-
lawyer has a duty to be honest and to not
fessional Conduct and has been adopted
file frivolous cases or raise frivolous defens-
in one form or another in all U.S. jurisdic-
es. Many in the legal profession believe that
tions,[1][2] except the District of Columbia.
a lawyer working as a shareholder-employ-
[3] However, D.C.’s rule is narrowly tailored to
ee of a publicly traded law firm might be
allow equity ownership only by those non-
tempted to evaluate decisions in terms of
lawyer partners who actively assist the firm’s
their effect on the stock price
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Services For more than 50 years, we’ve helped our clients solve their most complex tax, audit and other business issues. Our skilled professionals advise approximately 45% of the Am Law 100 firms as well as several Am Law 200 firms.
Arbitration
Banking Law
Mr. Elhais has gained an extensive amount of experience advising clients in arbitration matters such as real estate, contract
Mr. Elhais has advised large international banks including
disputes, commercial disputes and construction matters. He
Emirates NBD and Dubai Islamic Bank on commercial matters
has advised clients through the Dubai International Arbitra-
within the UAE. Mr Elhais’s expertise includes reviewing and
tion Centre countless times. He is also familiar with the rules of
drafting loan agreements, guarantee agreements and advising
other arbitration bodies such as the International Chamber of
on commercial disputes and bank litigation.
Commerce (ICC),
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Morgan Lewis & Paul Hastings
Construction Law
Family Law
Mr. Elhais has gained a considerable amount of experience in
Legal proceeding does not guarantee success and has you
construction law. He has the ability to identify material is-
simply waiting for the inevitable. If you want to be ahead then
sues relevant to a dispute to build a client-focused strategy to
you should take control of the divorce matters, including the
achieve positive results. Drafting complex agreements, memo-
separation, financial settlements and children issues, it is so
randums of understanding and subcontracting agreements are
important to remain focused, in control and in possession of a
just some of his skills in this field.
clear strategy.
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Our Team Founded in 2020, committed to supporting the legal profession with practical resources for legal professionals while improving the administration of justice
THE OVERALL PERCENTAGE OR PROPORTION OF GROSS FEES A FIRM EXPENDS ON ALL COST ITEMS IS NOT IMPORTANT. FOR THE FIRM WITH AN ENTERTAINMENT CLIENTELE WHICH NEEDS POSH OFFICES, IT HELPS LITTLE TO KNOW THAT THE AVERAGE LAW OFFICE EXPENDS ABOUT EIGHT PERCENT OF ITS GROSS ON OCCUPANCY. A FIRM WHICH HAS DEVELOPED THE PARALEGAL CONCEPT TO THE POINT WHERE IT EMPLOYS AN AVERAGE OF FOUR
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Morgan Lewis & Paul Hastings
Senior Managing Director in the Tactical Opportunities Group. Before joining Blackstone in 2013, Mr. Hirsch was a Managing Director and Head of Credit Structuring at Deutsche Bank where he sourced and structured transactions for a wide range of corporate and institutional clients across multiple.
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Jake Davidson Advocate
Prior to joining Blackstone Mr. James was Chairman of Global Investment Banking and Private Equity at Credit Suisse First Boston and a member of the Executive Board. Prior to the acquisition of Donaldson, Lufkin & Jenrette by Credit Suisse First Boston in 2000, Mr. James was the Chairman.
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Sergey Borisov Lawspeaker
Chairman, CEO and Co-Founder of Blackstone. Mr. Schwarzman has been involved in all phases of the firm’s development since its founding in 1985. The firm is a leading global asset manager with $356 billion Assets Under Management (as of June 30, 2016). Mr. Schwarzman is an active philanthropist.
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Gordon Blake Jurist
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Support lawyer The professional support lawyer (PSL) position has its origins in the United Kingdom and is essentially a central resource for research within a given practice area.
01.
02.
Know-how
Research
Precedents and standard forms: drafting, updating, managing
Analysing new law and practice, researching points of law or
and disseminating documents, setting up or dealing with on-
directing fee earners to appropriate sources.
line document systems.
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Morgan Lewis & Paul Hastings
OVERHEAD RATIOS
86%
72%
24%
GROSS RECEIPTS
EXPENSES (EXCEPT ASSOCIATE)
ASSOCIATE’S COST
03.
04.
Training
Marketing
Organising internal lectures or seminars for trainees, solicitors
Producing newsletters for clients, arranging or assisting in mar-
groups or firm-wide. Dealing with external training, building up
keting events, arranging client seminars.
relationships with speakers and event-support.
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Firm Values The professional support lawyer (PSL) position has its origins in the United Kingdom and is essentially a central resource for research within a given practice area.
Morgan Lewis & Paul Hastings is founded on a set of values to which we have unwavering commitment:
•
We focus our utmost abilities and resources on our
•
clients and their interests at all times, combining
working hard and striving to be the best in all that
high standards of professionalism with a keen
we undertake
understanding of their businesses so that we can
•
•
•
We value energy, as individuals and as a firm, in
•
We draw upon the diversity of our attorneys and
help them solve any problems and surmount any
their talents. By collaborating with colleagues,
challenges they may face
we bring together ideas that represent various
We pursue excellence in every aspect of our
experiences, cultures and backgrounds around
professional lives, aiming to deliver quality,
the globe. We bring this collective experience to
innovation and consistency in all aspects of our
bear when addressing the needs of our clients,
service
worldwide.
We hold ourselves to high ethical standards,
•
We are convinced that our pursuit of these core
believing in unequivocal integrity
values is fundamental to why our clients have
We emphasize teamwork that couples
come to rely on our services, year after year and
effectiveness with cohesion and collegiality
decade after decade.
throughout the Firm
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Morgan Lewis & Paul Hastings
ABILITIES AND RESOURCES
VALUE ENERGY
The slow economy of the last three years forced law firms into unprecedented personnel cuts that hit support staff as well as associates and eventually even cut into some partnership ranks. For many firms these were agonizingly difficult decisions. Some firms had to come to grips with the fact that they had gotten lax on their recruiting, promotion, and performance standards. Some lawyers weren’t cutting it. Some were producing revenue but causing other problems. Many firms had more lawyers than work.
When someone has to go, who decides? On what basis? Does an underperforming lawyer get a chance to improve? To what level, and over what period of time? The need to deal fairly with people while also dealing with profitability in a businesslike way has motivated many firms to document a written set of core values or standards that provide clear, firm-wide expectations regarding individual contributions and mutual accountability.
HIGH ETHICAL STANDARDS
DIVERSITY OF OUR ATTORNEYS
Some firms use a well respected partner to facilitate a meeting or retreat to develop core values. Others hire an outside consultant like yours truly to lay the groundwork, generate discussion, coordinate breakout groups, synthesize their output, and generally guide the process and keep things constructive and on track. Prior to the meeting, I may ask the partners to read one of my favorite articles which makes the business case for installing written core values to govern life in the firm.
They may also be asked to review sample core values statements that other law firms have adopted. (Many firms post these on their websites; a simple Google search will turn up plenty of examples.) The readings may be accompanied by a short, confidential questionnaire. To begin the (usually half day) meeting, we discuss the reasons and objectives for the day, review the survey results (if any), present the ground rules and assignment for the first breakout session, and break into pre-assigned groups.
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History We opened our first international office over 50 years ago when, in 1962, we were the first law firm from the City of London to open an office in Brussels. Today, we have offices in key financial centres across Asia, Europe and the Middle East and a strong track record of delivering high quality legal services to our clients in some of the fastest growing markets in the world.
Year by year 1995
2001
OUR THIRD GERMAN OFFICE OPENS IN MUNICH, WITH A FOCUS ON PATENT LITIGATION SUPPORT FOR CLIENTS IN THE LIFE SCIENCES AND TMT SECTORS, AND SUPPORT FOR ASSET MANAGEMENT & INVESTMENT FUND CLIENTS
OUR SINGAPORE OFFICE OPENS TO PROVIDE A HUB TO SUPPORT CLIENTS THROUGHOUT SOUTH EAST ASIA. OUR FIFTH OFFICE IN ASIA, IT SERVES CLIENTS ACROSS OUR KEY SECTORS ON CROSS-BORDER TRANSACTIONS AND DISPUTES, AND PROVIDES ENGLISH LAW ADVICE TO CLIENTS ACROSS THE SOUTH EAST ASIA REGION
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2008
THE FIRM EXPANDS ITS BRANDS AND TRADE MARK PRACTICE, LAUNCHING A SPECIALIST TRADE MARK PRACTICE IN CHINA THROUGH THE ESTABLISHMENT OF AN IP AGENCY WHICH IS PERMITTED BY CHINESE REGULATIONS TO PROVIDE A RANGE OF INTELLECTUAL PROPERTY RELATED SERVICES.
Morgan Lewis & Paul Hastings
2016
2020
THE FIRM CELEBRATES TWENTY YEARS ON THE GROUND IN THE MIDDLE EAST WITH THE TWENTIETH ANNIVERSARY OF ITS ABU DHABI OFFICE. THE FIRM ALSO EXPANDS ITS PRESENCE IN THE REGION WHEN OUR ALLIANCE FIRM IN SAUDI ARABIA, HAMMAD & AL-MEHDAR, OPENS ITS SECOND OFFICE, IN RIYADH.
THE FIRM OPENS IN LUXEMBOURG TO BROADEN ITS OFFERING TO CLIENTS IN THE ASSET MANAGEMENT AND FINANCIAL INSTITUTIONS SECTORS.
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LILLIAN PARSONS
ANTHONY BERRY
“
Organisation for
“
Economic Co-operation (OECD)
Why bother with core values? Aren’t they already understood,
Foreign Sales Corporations (FSCs)
practiced, and enforced? Possibly. But we observe a number of
Firms with partners who trust and respect each other will cross-
benefits that accrue to firms with clearly articulated standards.
sell, refer business back and forth, share associates and make sure
Decision making improves and higher levels of trust and respect
work is being done by the right lawyers. In short, they will be more
follow once the firm has agreed what it stands for and holds dear
inclined to engage in behaviors that grow the firm, expand client
and when firm management starts making explicit reference to
relationships and improve profitability.
the core values in its deliberations.
Testimonials Testimonials are a good way to reassure potential customers that your business is genuine, and your products or services are well-regarded by existing customers. By way of example, you can see ours here.
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Morgan Lewis & Paul Hastings
ALEXANDRA ANDERSON
“
Central European Free Trade
Simply put, when a law firm
(CEFTA)
adopts a written statement
Systems, processes, and policies, so frequently resisted in law firms, can be built for governing the firm in explicit accordance with its values. Culture and values are very important to recruiting, retention, reputation and the smooth functioning of everyday
of core values, the partners
operations. People will want to work at your firm.
are agreeing to promote, CORE VALUES • • • • • •
embody and be bound
INTERDEPENDENT COLLABORATIVE COORDINATED BROAD, INCLUSIVE COMMUNICATION TRUSTING FIRM FIRST; SHARED AGENDA
by a set of standards that define what it means to be a partner (or lawyer, or employee) in that firm.
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Our offices BELVEDERE
CALIFORNIA CITY
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BRADBURY
CARPINTERIA
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Morgan Lewis & Paul Hastings
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Morgan Lewis & Paul Hastings 15-17 CHARLOTTE STREET LONDON W1T 1RJ ENGLAND
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