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Page 2 November 11, 2013 Law Times • NEWS Business model focused on expertise Cost savings touted Continued from page 1 "You need to take measured steps," he says. "You have to mix innovation with a bit of a conservative approach. We take a conservative approach to make sure that if we add people at this point, it's people who can function in this model, which is really practice law. Leave the business issue to others." The Heydary law firms vary in size. Heydary Hayes, the smallest, has about five lawyers; Heydary Hamilton has 15. Heydary says he doesn't spend a lot of time thinking about how big each boutique should be. "We're not selling size; we're selling expertise," he says. "We're selling that focused approach." As pioneers in this business model, Heydary and his co-directors say they face unique challenges. "We are the first. We're really inventing everything," says Heydary. Their existing model may be great, say Hayes and Cochrane, but the key point is being ready to change when necessary. "The thing that's really important is that we recognize as the senior people in the Heydary firms that the legal profession is really changing," says Hayes. "The one thing we are committed to do over the next few years is to make sure we keep our eyes on that change and we react." Cochrane adds: "It's a work in progress. We're doing something new, so we're trying to be nimble. We want the firms to be nimble. If the marketplace starts to change and we sense it, we're going to change with the marketplace." LT Continued from page 1 Ratifying the convention will also boost Canada's appeal among foreign investors who are comfortable and familiar with international arbitration clauses, Leon adds. The convention will become law in Canada in December. Ed Fast, minister of international trade, said it would provide Canadian investors with access to less costly and impartial dispute resolution when they do work abroad. "Our government is committed to helping protect Canadian investments around the world," he said. "Ratifying this investment treaty is an important step toward further ensuring predictability and stability for Canadian investors operating abroad. This is the latest example of how our pro-trade, pro-investment plan to help our businesses grow and succeed abroad continues to get results for our exporters, workers, investors, and businesses." The idea of giving arbitrators full authority to make calls without an opportunity for a review by local courts doesn't sit well with everyone, however. Gus Van Harten, an associate professor at Osgoode Hall Law School with a focus on international investment law, told Law Times that locking into the convention without the relief valve of judicial review is akin to a "concession of judicial sovereignty to these arbitrators." "I don't think that the arbitrators should be resolving such important questions of law that arise in these cases without the provision for overview by either domestic or international courts," Van Harten said last year, adding that there should at least be an opportunity for judicial review. But countries ratify the treaty because nobody wants to be in someone else's courts, Leon responds. "Even if the court system is a reliable court system, there's always a bit of a nagging concern about being in somebody else's court. So if you're out of national court systems, you then need some other mechanism and over last decade, arbitration has been the process that has been chosen," he adds. "My view is that it's a good process," he continues. "The parties have an involvement in the selection of who's going to decide the dispute, and it gives them the opportunity to decide to chose somebody who is competent and knows the area." Often, the resistance towards the convention comes NEW EDITION from countries that fear they THE COMMERCIAL LEASE: A PRACTICAL GUIDE, wouldn't fare well in the arbiFIFTH EDITION + CD-ROM tration process, but the results HARVEY M. HABER, Q.C., J.D., LSM, DSA, IMI CERTIFIED MEDIATOR, C.Med., C.Arb., B.A. don't bear that out, according to Leon, who adds that states are Clause by clause, from the initial offer to the final agreement, this work provides expert commentary and guidance to help you formulate a commercial lease to which both parties can in fact victorious in about 50 agree. The Fifth Edition adds even more updates, comments and revisions – all in the same per cent of cases. useful format and plain language style that has made this work an industry classic. Although there isn't a formal appeal system within the conThe Commercial Lease: A Practical Guide, Fifth Edition includes numerous changes that vention, parties can ask for an update the lease and case law from the Fourth Edition and answers the following questions: ICSID committee to conduct a • Is a tenant's share of realty taxes based on an "assessed share" or a "proportionate share"? • Is a tenant responsible to repair underground storage tanks and fuel lines? review following an award. • Does "completely net free" really mean completely "net free"? Canada ratified the conven• Does "repair" mean "replace"? tion after a considerable delay while waiting for the provinces to pass the necessary legislaAVAILABLE RISK-FREE FOR 30 DAYS tion. It ratified the convention Order online: www.carswell.com even though a few provinces, Call Toll-Free: 1-800-387-5164 In Toronto: 416-609-3800 including Quebec and Alberta, are still working on putting the required laws in place. The Canadian Chamber of Commerce and the Canadian Bar Association have given the convention their support. LT in a big law firm setting for 25 years. In 2009, he created his own boutique law firm with four lawyers and an articling student. He says the business aspect of running the firm proved taxing over time. "It got to a size where it was really becoming a burden to deal with the administrative matters," he says. "It was very attractive to have somebody take that over in a situation where you have a pretty good idea what the costs are going to be." The mix of his expertise and reputation with a brand that already had an online presence worked out perfectly, says Hayes. When launching the boutique firms in the last two years, Heydary knew he wanted to build on a brand he had already invested a lot of effort in. "We have to learn from other industries," says Heydary. "You've got 300 years of business activity in other industries. Two things we took from other industries. One was the power of having one main brand, the Heydary brand, for us. We've spent millions on that brand." There's a benefit to having a dynamic brand, says Cochrane. When one of the other affiliated firms gets recognition for its work, Cochrane celebrates, too, because "that's half my brand." Since the affiliated model cropped up, many lawyers have expressed interest in joining in, says Heydary. But when it comes to growth, he admits he's cautious. EVERYTHING YOU NEED TO UNDERSTAND, DRAFT AND NEGOTIATE WITH CONFIDENCE ORDER # 804664-65203 $189 Hardcover approx. 680 pages July 2013 978-0-88804-664-2 Shipping and handling are extra. Price subject to change without notice and subject to applicable taxes. CANADA LAW BOOK® www.lawtimesnews.com

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