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opinion Karen Lorimer Gail J. Cohen Helen Burnett Matt LaForge Einar Rice Janet Popadiuk Mary Hatch Jean Sorensen, Geoff Kirbyson, donalee Moulton Canadian Lawyer is published 11 times a year by Canadian Lawyer Magazine Inc., 240 Edward St., Aurora, Ont. L4G 3S9 (905) 841-6480 Fax: (905) 727-0017. All rights reserved. Contents may not be reprinted without written permission. The opinions expressed in articles are not necessarily those of the publisher. Information pre- sented is compiled from sources believed to be accurate, how- ever, the publisher assumes no responsibility for errors or omissions. Canadian Lawyer Magazine Inc. disclaims any warranty as to the accuracy, completeness or currency of the contents of this publication and disclaims all liability in respect of the results of any action taken or not taken in reliance upon information in this publication. Kimberlee Pascoe (905) 713-4342 kpascoe@clbmedia.ca Karen Lorimer (905) 713-4339 klorimer@clbmedia.ca Kathy Liotta (905) 713-4340 kliotta@clbmedia.ca Sandy Shutt (905) 713-4337 sshutt@clbmedia.ca Rose Noonan (905) 726-5444 rnoonan@clbmedia.ca Stuart J. Morrison 240 Edward St., Aurora, ON L4G 3S9 (905) 841-6480 canlawmag@clbmedia.ca www.canadianlawyermag.com ISSN 0703-2129 Copyright © 2008 G.S.T. Registration #R121349799 RETURN UNDELIVERABLE CANADIAN ADDRESS TO: CIRCULATION DEPARTMENT 240 EDWARD ST., AURORA, ON L4G 3S9 RETOURNER TOUTE CORRESPONDANCE NE POUVANT ÊTRE LIVRÉE AU CANADA AU SERVICE DES PUBLICATIONS 240 EDWARD ST., AURORA, ON L4G 3S9 Helen Steenkamer 1-888-743-3551 Ext. 4376 905-841-4357 hsteenkamer@clbmedia.ca Subscription rates: Canada one-year print and digital $65 plus GST, one-year digital only $55. Outside Canada one-year print & digital $94.50 (USD), one-year digital only $40.00(USD). Student rate one- year print and digital $36 plus GST, one-year digital only $20 plus GST. For all circulation inquiries and address changes send a copy of your mail- ing label or labels along with your request in writing to Canadian Lawyer 240 Edward Street, Aurora, ON, L4G 3S9 Indexed in the Canadian Periodical Index (905) 727-0017 A survey came out the day I sat down to write this editorial that showed 45 per cent of law firms in Canada and the U.S. plan to hire more lawyers in the next year. That's good news for lawyers, particularly associates, in my view. In Canadian Lawyer's managing partner interview each month, I query law firm leaders on some of their challenges and economic forecasts for their firms. Almost universally over the past few months, they've told me that associate retention is one of their greatest challenges but also that they need new lawyers, particularly in busi- ness law firms. This month, the outgoing chairman of Blakes, Jim Christie, tells me: "We continue to have a need to attract and recruit lots of students, young lawyers." Last month, from Alberta, Jerri Cairns of Parlee McLaws said: "I see that strong economy as con- tinuing to drive demand for sophisticated, effective, and practical legal advice to clients to assist them in their ongoing successes and business endeavours." And in February, Borden Ladner Gervais' Sean Weir also noted the need for a strong pool of young lawyers, which BLG goes to great lengths to attract and retain. "We invest a lot in education and programs and do a lot of intensive training from new associates to junior partners," he said. As I said, all good news for lawyers. A few other tidbits about the legal business scene have been gleaned from these interviews. The best news is Canadian law firms don't foresee laying off any lawyers even though the general economic outlook isn't particularly rosy. What will see a shift are the areas of practice expected to grow over the next year. "I think we are starting see a change in the nature of the work our clients are asking us to assist on: obviously less big-ticket M&A, although there continues to be a reasonably good stream of mid-size M&A work; more restructur- ing and insolvency-related work; and I think we'll see an increase in litigation as we go forward," says Christie in this month's interview. He's already seeing the growth there. That's backed up by the above-mentioned survey, conducted by Robert Half Legal, that reports bankruptcy, litigation, and ethics and corporate governance are the hot specialty growth areas. Both Christie and Weir, though, noted that Canada's business environment is pretty crowded, and any major growth in legal work is unlikely to come at home. "International growth is huge for us. Now 25 per cent of the firm's revenue is from offshore sources," said Weir. BLG doesn't have overseas offices; however, Blakes does and counts on them for its growth as well. Not only does Blakes have a China office with both Canadian and Chinese lawyers but, at home, has a strong practice group that supports its growing Chinese client pool. And while no Canadian firms are going this route yet, the newest booming market appears to be the Middle East. For example, in early April, it was reported that U.K. magic circle firm Allen & Overy had launched a major recruitment drive in order to add up to 20 associates and partners to its United Arab Emirates' office. Dubai is also a hotspot. Many European law firms are also starting to look at the emerging markets of Eastern Europe, such as Romania and the Ukraine, as their next lands to conquer. Already a number of U.K. firms have expanded into the region. And, mark my words, once India opens its borders to foreign law firms, there'll be an explosion of growth in that legal market. Lots to think about and many opportunities are out there for lawyers at all stages of their careers. The unstable global economy doesn't seem to be hurting the legal profession very much, which is good news if you're a lawyer! www. C ANADIAN mag.com M AY 2008 3 EDITOR ' S DE SK BY GAIL J. COHEN