In a changing legal marketplace, where there is undoubted pressure on revenues, there is an opportunity for law firms to improve their service to clients, further build reputation and increase revenues through:
Better engagement – It is estimated that it takes at least 40 weeks for a law graduate to reach optimal productivity (Oxford Economics 2014). For associates moving from one firm to another, it can take 27 weeks (or in some cases, a lot more). Better engagement can help to reduce this cost and improve productivity.
Greater collaboration – Collaboration in law firms has never been easy, especially because of the revenue model. However, greater collaboration can help to create real competitive advantage. We can see this in other industries, and now it seems time for law firms. “The law firms that crack it…are highly likely to emerge as the leaders of tomorrow,” says Paul Rawlinson, of Baker & McKenzie.
Differentiated culture – Clients are increasingly looked for greater commerciality from their law firms. Speaking to a former general counsel for a major blue-chip organisation, it is clear that lawyers who have a greater commercial understanding of their clients’ businesses and the ability to provide real value (rather than just technical competence) will forge longer term relationships with in-house counsel.