Lovells has concluded the next stage of its strategic review and released a statement to help reposition itself as a serious contender to magic circle firms.
The statement, which was presented at the firm's annual partner conference in Barcelona on 11 November, is twofold: it wants to be a top-quality international firm handling high-end work for major clients and to capitalise on its global network, reputation and practice strengths.
Lovells managing partner David Harris said: "Differentiation in the market isn't easy. We've carried out a thorough review of developments taking place, made a frank assessment of our position and are clear of the actions we need to take moving forward."
Lovells has also identified six priorities to ensure its recovery stays on track. These are: investment; improved profitability; client development; leveraging off the international network; people; and culture and values.
The firm will prioritise investment in its corporate, finance and dispute resolution departments. Notably, the firm's high-profile real estate department is not singled out for investment.
Harris said: "We'll be expanding in a number of areas and prioritising our investments. If we conclude that an area isn't significant, we'll reflect that in our approach."