News focus
Now that times are quieter, will Iberia’s law firms end their obsession with growth? Easier said than done, as many argue that current partnership models require growth. Stress lines are already appearing as law firms try to contemplate the years ahead.
Will the legal sales continue?
The coming year will see pricing continue to be a key battle ground between law firms, predict some. A reduction in transactions, concern over utilisation rates, particularly of junior lawyers, and an increased sophistication in the way General Counsel manage their external legal needs, means that more than ever firms have to differentiate their services to win work.
New times, new structures
It was clear that the postcrisis terrain for firms will be different – the new “new” – but prospects for 2012 are not looking good. The transactional train has finally been derailed and with it a core driver of law firm revenue and growth. Some very senior lawyers are wondering what they will be doing come the new year.
Getting better connected
More than merely offering referral options to their clients as they expand internationally, law firms increasingly need to offer new skills. There are, say General Counsel, still significant opportunities for their domestic advisers to assist them as their businesses grow abroad but in order to seize them they must offer more than mere hand holding. They must understand their specific business issues, offer the right connections, and help them to manage the international challenges they face.
All together now
As well as bringing threats, recent years have shown that a crisis can also bring welcome opportunities for change. The challenge for lawyers is, of course, in understanding how best to navigate away from the first while embracing the second.
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