Most people have no idea what commercial lawyers actually do. In this video, I break down the world of commercial law using a simple 3-part framework: The Clients, The Firms, and The People. You’ll learn how about the difference between in house and external legal counsel, how law firms are structured around the work they do, and the pyramid structure of a law firm.
Chapters: 0:00 - The problem with understanding commercial law 0:26 - What do commercial lawyers actually do? 0:35 - Who are the clients of commercial law firms? 2:15 - Why do businesses need external lawyers instead of doing it themselves? 3:48 - Why do companies hire law firms instead of using their in-house legal team? 5:06 - How are commercial law firms structured into practice areas? 8:08 - What are the Magic Circle and Silver Circle law firms? 9:16 - What is the difference between specialised and full-service law firms? 9:48 - What is the traditional pyramid hierarchy structure of a law firm? 12:04 - How does the law firm business model and leverage actually work?
In this video, we cover: The Clients: Who hires commercial law firms (corporates, financial institutions, high-net-worth individuals), and what their core business needs are (e.g. transacting, operating, disputes, and restructuring). The Law Firms: Why businesses hire external law firms instead of relying on their in-house teams, and how the leading law firms in the legal market is divided between US giants, the UK Magic and Silver Circles, and global full-service firms. The People: The traditional pyramid structure of a law firm. We explain the journey from trainee solicitor to associate, and finally to equity partner, and break down the role of ‘leverage’ in making a law firm profitable.
