Free Republic

Bankers are facing new rules over bonus payments. Within hedge funds there has been a move away from the previously entrenched "two and 20" system; and financial advisers are moving towards a fee-based, rather than transactional, model as a result of the Retail Distribution Review. It might seem an odd statement from the chief executive of one of the world's largest law firms, but the legal profession is well behind the curve; lawyers and legal firms need to evolve and embrace the changed market conditions. While there will remain some circumstances where the billable hour is justified, my firm conviction...