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<blockquote data-quote="Jake Rickman" data-source="post: 147610" data-attributes="member: 8521">A firm's business model describes the way in which it generate revenue and converts that into profit. You should therefore seek to identify the way in which a business generates revenue and its primary expenses. Likewise, try and identify the business's strategy. Each business will have its own business model. By going deeper with your answer, you should always tie back any analysis to (a) the impact on the law firm's clients; and (b) the impact on the law firm itself. So for Solvency II, what I meant by saying it poses regulatory challenges and greater investment opportunities is that the effect of the UK government's proposed Solvency II reforms will liberalise the capital requirements that govern insurance companies and their ability to invest in certain asset classes. If the government gets their way, insurance companies can invest more capital into private equity, infrastructure, and venture capital. But they also need to ensure that they abide by the new capital requirements; this is a challenge. This answers (a). To answer (b), you would discuss which law firm practice groups the client would rely on to address these challenges and opportunities. You need to identify what makes your target law firms distinct from their competitors. This requires research. Slaughter and May may have a more &quot;generalist&quot; practice compared to Clyde &amp; Co, but among the elite UK firms, they are known more for advising corporate clients rather than banking and finance groups, especially compared to the likes of Clifford Chance and Freshfields. I am not sure I understand your question about Skadden.</blockquote>

[QUOTE="Jake Rickman, post: 147610, member: 8521"] A firm's business model describes the way in which it generate revenue and converts that into profit. You should therefore seek to identify the way in which a business generates revenue and its primary expenses. Likewise, try and identify the business's strategy. Each business will have its own business model. By going deeper with your answer, you should always tie back any analysis to (a) the impact on the law firm's clients; and (b) the impact on the law firm itself. So for Solvency II, what I meant by saying it poses regulatory challenges and greater investment opportunities is that the effect of the UK government's proposed Solvency II reforms will liberalise the capital requirements that govern insurance companies and their ability to invest in certain asset classes. If the government gets their way, insurance companies can invest more capital into private equity, infrastructure, and venture capital. But they also need to ensure that they abide by the new capital requirements; this is a challenge. This answers (a). To answer (b), you would discuss which law firm practice groups the client would rely on to address these challenges and opportunities. You need to identify what makes your target law firms distinct from their competitors. This requires research. Slaughter and May may have a more "generalist" practice compared to Clyde & Co, but among the elite UK firms, they are known more for advising corporate clients rather than banking and finance groups, especially compared to the likes of Clifford Chance and Freshfields. I am not sure I understand your question about Skadden. [/QUOTE]

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