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Commercial Awareness Discussion
How do law firms stay competitive?
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<blockquote data-quote="Jaysen" data-source="post: 1463" data-attributes="member: 1"><p>This is great.</p><p></p><p>I'll add with some examples of how law firms try to achieve those objectives/stay competitive.</p><ul> <li data-xf-list-type="ul"><strong>International expansion: </strong>Many commercial law firms have aggressively opened up international offices over the past two decades. Why? Their clients are more international. If a client wants to open a factory in India or acquire a European business, it'll need advisers with the expertise to advise them on the laws and regulations of that particular jurisdiction. Overseas expansion also hedges against slow growth in domestic markets. (Note, this doesn’t have to be new offices, it could also be best friend networks or alliances with international law firms.)</li> <li data-xf-list-type="ul"><strong>Countercyclical practice areas: </strong>During the 2008 financial crash, deal making slowed down considerably. So law firms that were too dependent on corporate/private equity work for their income suffered. On the other hand, some law firms had invested in countercyclical practice areas like restructuring and litigation. These practice areas tend to be busier during times of slow growth, meaning these law firms could stay competitive in a downturn.</li> <li data-xf-list-type="ul"><strong>Mergers: </strong>Over the last couple of decades, mid-sized law firms have been increasingly squeezed between larger, full-service law firms and boutique law firms. To stay competitive, some law firms have merged (or adopted Swiss vereins structures), meaning they can pool resources, expertise and clients. </li> <li data-xf-list-type="ul"><strong>Salaries: </strong>Many UK-based firms have raised salaries to retain NQ's and star partners who have been increasingly drawn to the higher-paying US law firms entering the London market. </li> <li data-xf-list-type="ul"><strong>Legal Services Delivery: </strong>Since (at least) the financial crash, there has been a downward pressure on legal fees, meaning law firms need to find away to improve their efficiency to bid competitively for some of their legal advice. By opening legal services centres – like A&O’s Belfast centre or CC’s acquisition of Carillion’s Advice Services – law firms have been able to complete legal work at a cheaper price.</li> <li data-xf-list-type="ul"><strong>Investing in technology and innovation: </strong>The law firms who have invested in technology – either their own or a third party service – can automate legal processes and drive down the cost for clients.</li> </ul></blockquote><p></p>
[QUOTE="Jaysen, post: 1463, member: 1"] This is great. I'll add with some examples of how law firms try to achieve those objectives/stay competitive. [LIST] [*][B]International expansion: [/B]Many commercial law firms have aggressively opened up international offices over the past two decades. Why? Their clients are more international. If a client wants to open a factory in India or acquire a European business, it'll need advisers with the expertise to advise them on the laws and regulations of that particular jurisdiction. Overseas expansion also hedges against slow growth in domestic markets. (Note, this doesn’t have to be new offices, it could also be best friend networks or alliances with international law firms.) [*][B]Countercyclical practice areas: [/B]During the 2008 financial crash, deal making slowed down considerably. So law firms that were too dependent on corporate/private equity work for their income suffered. On the other hand, some law firms had invested in countercyclical practice areas like restructuring and litigation. These practice areas tend to be busier during times of slow growth, meaning these law firms could stay competitive in a downturn. [*][B]Mergers: [/B]Over the last couple of decades, mid-sized law firms have been increasingly squeezed between larger, full-service law firms and boutique law firms. To stay competitive, some law firms have merged (or adopted Swiss vereins structures), meaning they can pool resources, expertise and clients. [*][B]Salaries: [/B]Many UK-based firms have raised salaries to retain NQ's and star partners who have been increasingly drawn to the higher-paying US law firms entering the London market. [*][B]Legal Services Delivery: [/B]Since (at least) the financial crash, there has been a downward pressure on legal fees, meaning law firms need to find away to improve their efficiency to bid competitively for some of their legal advice. By opening legal services centres – like A&O’s Belfast centre or CC’s acquisition of Carillion’s Advice Services – law firms have been able to complete legal work at a cheaper price. [*][B]Investing in technology and innovation: [/B]The law firms who have invested in technology – either their own or a third party service – can automate legal processes and drive down the cost for clients. [/LIST] [/QUOTE]
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