For instance, there was a half billion dollar deal in Japan on behalf of a US multinational where the GC was going to use an extremely
pedigreed firm — one of the largest and most credentialed global firms in the world.
What can also seem non-intuitive is that only 11 % of GCs surveyed felt that
pedigreed firms, despite the price premium, actually were more responsive (a key element of client service).
Surprisingly, many (though not all)
pedigreed firms are choosing to not yet compete on value, arguing that this would diminish their future ability to compete for the shrinking pool of high - stakes / high - margin work.
Not exact matches
Long - coated and double - coated mixed breeds need to be brushed and combed; dominant mixed breeds need a
firm hand in training; submissive mixed breeds need extra patience and confidence - boosting; and all deserve the same vaccinations, annual checkups, and heartworm preventative that their
pedigreed cousins get.
On the other hand, a recent Wall Street Journal study found that nearly 75 % of businesses surveyed said they would be less likely to use a «
pedigreed»
firm for high - stakes matters if they could save 30 % on their total bill.
Last week's Wall Street Journal story on Axiom, a law
firm cum high - end temp agency that outsources
pedigreed, former Biglaw attorneys to corporate law departments on an as - needed basis, attracted plenty of discussion in the blogosphere, with bloggers like Bruce MacEwen giving the Axiom concept high marks for innovation.
In the UK and Canada, the
firms are substantial players, but are slightly less
pedigreed than the Magic Circle and Seven Sisters, respectively.
«AdvanceLaw finds high quality counsel like we'd find at the most
pedigreed of law
firms, but who tend to be more efficient.»
This AdvanceLaw survey suggests that clients are serious about moving high - stakes work away from the most
pedigreed (and expensive) law
firms.
One reason for this is that top talent is increasingly dispersed, not residing solely at the most
pedigreed of
firms.
The results suggest that GCs are increasingly willing to move high - stakes work away from the most
pedigreed law
firms (think the Cravaths and Skaddens of the world)... if the value equation is right.
However, as the survey and financial analysis reveal, this ends up opening the door for other law
firms (as well as non-traditional providers) to slip in and chip away at what we all once assumed were unassailable relationships between the most
pedigreed law
firms and their clients.
While tongue in cheek, and surely subject to exceptions, it reflects the reality that there is a growing body of legal work that simply won't be sent to the most
pedigreed law
firms, most typically because general counsel are laser focused on value, namely quality and efficiency.