Does anyone have some insights into the below. Interested to hear everyone’s thoughts in prep for interviews etc;
- What are some threats facing law firms?
- What are sone threats facing their clients?
- What are some opportunities for clients currently?
Thanks all!
Hey!
In preparing for these sorts of questions, a good starting point is to look at the broader macro economic environment first (e.g. economic conditions, geopolitics, regulation, technology, etc.) and then ask how those pressures land differently on law firms and on their clients. From there, it might help to break things down by function / group.
- For law firms, you can think about where threats might arise in how they attract work, deliver legal services, price their legal work, and retain talent
- For clients, the focus is more likely to be on their operations, any regulatory requirements, and financial or reputational risk.
Once you have identified a threat, it also helps to go one step further and ask whether that same factor could create an opportunity. Things such as volatility, regulatory change, and technological disruption will often create both opportunities and challenges at the same time. It helps to connect the two and address them together, rather then separating them completely.
Lastly, if the firm you are interviewing at works in specific sectors, it helps to have some sector-specific thinking (for example, how these issues might play out differently in tech or financial services). You don't need to incorporate lots of examples - just enough to show that you understand the commercial context that the individual firm and its clients operate in.
I hope that assists!
