The UK's biggest law firm Clifford Chance had a gross income of 377m. The main problems facing most US firms are those that come with success. Lawyers are working around the clock to keep up with the increasing flow of corporate deals. The result is a furious recruitment drive aimed at attracting top law school talent and lawyers working for rival firms. In such a world of globalisation and massive corporate deal-making the legal profession's regulations and practices are miles apart.
Lawyers run a business and are no longer an association of gentlemen who practise law.
The longer the legal profession deliberates changes to the regulatory framework, the smaller the chance of controlling the inevitable changes brought on by the emergence of multidisciplinary practices. Most believe that in SA, as elsewhere, despite opposition from lawyers the barriers will soon fall and concerns about conflicts of interest can be resolved. The proposal allows fee-sharing within firms, subject to strict court controls on ethical issues such as client confidentiality.