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<blockquote data-quote="Lawgirlxo" data-source="post: 4164" data-attributes="member: 191"><p>So, I developed an interest in BD when I was representing a law firm as their campus ambassador. I enjoyed observing law firms competed against themselves (especially on campus). The interest just expanded from there.</p><p></p><p>On a wider scale, I like understanding how businesses compete; what are their strategies, what are the winners doing differently? How are companies maintaining their competitive advantage?</p><p></p><p>So lets take the banking sector for example: Santander's diversification overseas, especially in Brazil, has helped the bank to navigate tough conditions faced by its European rivals since the the financial crisis”. You have also probably heard of Goldman Sachs and its new retail bank, Marcus.</p><p></p><p>Next is the retail industry- there is an obvious widening gap between the winners and losers. Companies like amazon have mastered the art of being consumer-centric. Simple things like comparing Amazon’s home/locker delivery to the far-from-perfect delivery service of Hermes (which many retailers use). You can also consider how Amazon has almost diversified into every sector it possibly could. Again, the question is what is this company doing that others aren’t?</p><p></p><p>Last example is the automobile industry. Driverless and hybrid cars are gathering momentum. Even Dyson that I only knew for household appliances has joined the trend. Another e.g is Uber’s new monthly subscription service in the US ($14.99- $25 ish per month), which makes Lyft’s $300 monthly subscription ridiculous - both were introduced within days of each other.</p><p></p><p>How does all of this relate back to commercial law? Remember that some of these companies are clients of some law firms. Even if they are not, they are the competitors of law firms’ clients. To remain competitive, law firms must keep up with the changes facing clients’ industries so they can advise clients on how to remain competitive.</p><p></p><p>To answer your second question, I haven’t chosen the BD role itself simply because I like black letter Law. I want to be in the position to use the law to advance my clients’ business goals.</p><p></p><p>If a client wants to grow (open a new office in some country, lawyers provide advice on the regulations of that country, if a client wants to diversify by acquiring a new company, you have M&A lawyers, competition lawyers, IP lawyers etc.</p><p></p><p>Take Brexit for example, I imagine lawyers are helping clients with their supply chains, renegotiating clients’ contracts and helping clients to hedge market risk by using derivatives. All of this is ultimately to make sure that these businesses still remain competitive after Brexit; it is to ensure that their business strategy maximises profit.</p><p></p><p>P.S: How BD relates to law firms is a bit more fascinating. Questions like how Kirkland leads the market with 14 worldwide offices (ofc the US legal market plays a big part in this) vs Bakers with 77 (which is of US origin too); or how Slaughters, Macfarlanes and Travers are at (slightly) different ends of the market spectrum despite having the same global strategy. They are all doing well so it all works out for them!</p><p></p><p>Hope this helps!</p></blockquote><p></p>
[QUOTE="Lawgirlxo, post: 4164, member: 191"] So, I developed an interest in BD when I was representing a law firm as their campus ambassador. I enjoyed observing law firms competed against themselves (especially on campus). The interest just expanded from there. On a wider scale, I like understanding how businesses compete; what are their strategies, what are the winners doing differently? How are companies maintaining their competitive advantage? So lets take the banking sector for example: Santander's diversification overseas, especially in Brazil, has helped the bank to navigate tough conditions faced by its European rivals since the the financial crisis”. You have also probably heard of Goldman Sachs and its new retail bank, Marcus. Next is the retail industry- there is an obvious widening gap between the winners and losers. Companies like amazon have mastered the art of being consumer-centric. Simple things like comparing Amazon’s home/locker delivery to the far-from-perfect delivery service of Hermes (which many retailers use). You can also consider how Amazon has almost diversified into every sector it possibly could. Again, the question is what is this company doing that others aren’t? Last example is the automobile industry. Driverless and hybrid cars are gathering momentum. Even Dyson that I only knew for household appliances has joined the trend. Another e.g is Uber’s new monthly subscription service in the US ($14.99- $25 ish per month), which makes Lyft’s $300 monthly subscription ridiculous - both were introduced within days of each other. How does all of this relate back to commercial law? Remember that some of these companies are clients of some law firms. Even if they are not, they are the competitors of law firms’ clients. To remain competitive, law firms must keep up with the changes facing clients’ industries so they can advise clients on how to remain competitive. To answer your second question, I haven’t chosen the BD role itself simply because I like black letter Law. I want to be in the position to use the law to advance my clients’ business goals. If a client wants to grow (open a new office in some country, lawyers provide advice on the regulations of that country, if a client wants to diversify by acquiring a new company, you have M&A lawyers, competition lawyers, IP lawyers etc. Take Brexit for example, I imagine lawyers are helping clients with their supply chains, renegotiating clients’ contracts and helping clients to hedge market risk by using derivatives. All of this is ultimately to make sure that these businesses still remain competitive after Brexit; it is to ensure that their business strategy maximises profit. P.S: How BD relates to law firms is a bit more fascinating. Questions like how Kirkland leads the market with 14 worldwide offices (ofc the US legal market plays a big part in this) vs Bakers with 77 (which is of US origin too); or how Slaughters, Macfarlanes and Travers are at (slightly) different ends of the market spectrum despite having the same global strategy. They are all doing well so it all works out for them! Hope this helps! [/QUOTE]
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