Opportunities for Law Firms

[Cando]

I've had several law firms ask what I think their major opportunities for their law firm are in the next 3-5 years. What are the best ways of identifying where these opportunities are beyond their website, news and industry publications?

 

[Lumree]

I've had several law firms ask what I think their major opportunities for their law firm are in the next 3-5 years. What are the best ways of identifying where these opportunities are beyond their website, news and industry publications?

I’d say this sort of question is testing both your commercial awareness and understanding of the law firm’s practice areas/sectors/expertise.

So, if a firm specialises in technology law, you might say developments in AI are an opportunity to advise clients on new regulations and IP, for example. The important thing is you understand the firms main specialties and can tailor it to what’s going on in that market/sector/area.

I’m not sure there are many other places you could look other than their website, the news, and other publications. It’s a combination of these, plus your understanding of the firm and it’s position in the market to come to an educated guess about what the firm might benefit from in the next 3-5 years.

 

[xxkeurfijnse]

Hey, I was wondering how to approach this question as well. @Jessica Booker @axelbeugre Do you guys have any tips? Especially with regards to an international full service law firm!

 

[AlexJ]

Hey, I was wondering how to approach this question as well. @Jessica Booker @axelbeugre Do you guys have any tips? Especially with regards to an international full service law firm!

Pick a trend / current story you are interested in and relate it to the firm. If they are full service you can pick pretty much anything, from growth in climate related challenges to AI. Say how it will relate to the firm, what departments/ offices would be affected, and how you see that area developing. You can use a SWOT type analysis here, although it doesn’t need to be prescriptive.