Law firms now accept they are businesses like any other. But they still structure their graduate training programme as though nothing has changed. Is this sustainable when they need to create the leaders of the future as well as the best lawyers?
Read MoreHow do Client's Measure Value?
Law firms have generally failed to understand the importance of Management Information in building successful relationships with clients yet MI is a key tool in communicating and comparing value. The legal profession collectively failed to develop metrics to do this so buyers focus on fee rates and try and drive them down. A different approach is for law firms to develop Management Information that demonstrates their value to clients
Read MoreLaw Firm Strategy Requires Differentiation
The UK legal market continues to undergo a profound change that began with the recession and is now continuing as the impact of new entrants begins to be felt. Bill Gates observed in relation to technology that “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten. Don’t let yourself be lulled into inaction.” He could have been speaking about the UK legal market.
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