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Message: <blockquote data-quote="Jaysen" data-source="post: 665" data-attributes="member: 1">Thanks for clarifying, I think I understand, I assume you mean a competitive advantage when it comes to securing work from clients, but let me know if you meant otherwise. A few things to think about:First off, if you're a law firm operating in an uncertain environment, you need to be investing in the relevant practice areas to help clients.  That sounds obvious but it was critical during the financial crisis. Firms with renowned restructuring practices made millions after working with banks like Lehman. In this case, perhaps clients want to restructure or enter hedging agreements or reassess their tax exposure.  Here, it's the law firms that have strong corporate, finance/derivative, tax or restructuring experience and expertise that are likely to have an advantage.Second, if clients are operating in an uncertain economic environment then price is often an issue. If so, it may be the case that the firm most likely to secure client work is one with the most cost-effective proposal. In that case, it helps if law firms can nearshore/offshore elements of the work to low-cost support centres, make use of lower-cost employees (more paralegals/trainees) and make use of technology or enter into a fixed-fee arrangement.Third and alternatively, in uncertain economic climates, relationships are often more important. Clients will award work based on people they can trust to get them through the difficult time. If a client is concerned that a rise in interest rates will collapse his company, it may be less about paying the lowest fee and more about paying a premium to the partner that can come up with a creative solution to save it. On that note, particular qualities may be more important - for example, lawyers that show great understanding of a client's business, market and industry, or a lawyer that uses his knowledge of the law to devise a legal solution that minimises the costs of a rise in interest rates.Fourth, clients can get a lot of value from law firms that publish market intelligence. If a law firm produces summaries/email updates/a knowledge database about the Fed's meetings, when interest rates may rise, how much it will rise and what the impact will be, then that's helpful to clients. It shows that they understand the market and go above and beyond to inform clients.</blockquote>

Verification: Our company is called, "The Corporate ___ Academy". What is the missing word here?

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