The End of Lawyers…..or Just the Beginning?

  • Print
  • Comments (7)

Readers' comments (7)

  • Yes there is growth available. And not just from firms that create internal efficiencies. There's growth for firms that seek new markets and create new transactions as a result of adopting sophisticated business development initiatives around merging law firm service offers and client commercial needs.

    Unsuitable or offensive? Report this comment

  • Agree John, firms really must start thinking about and investing strategically in BD. What is dead is the old "passive growth" that lawyers for so long has taken for granted and hope will return, while in the meantime primarily focussing efforts on de-equitizations and layoffs.

    And let's not forget the growth potential among existing client relations. Firms that embrace both the importance of efficiency and the concept that BD is actually a vital - and much neglected - part of client service excellence will find significant growth without even having to look further than existing relationships.

    Unsuitable or offensive? Report this comment

  • Equally important to explain to most senior partners and law firm management today that "BD" does mean flinging brochures at clients or burdening them with laborious pitch documents. It means qualitatively, actively reading clients' annual reports or searching out information on what those clients make or do and how and where they do it - and truly digesting the commercial realities that they are facing or pursuing. Lawyers who can talk cogently about a client's business, the commercials, and can identify specific legal needs or opportunities to drive client growth - without the aide of print materials - are worth their weight in gold.

    Unsuitable or offensive? Report this comment

  • Wait! Growth is not dead? But, Adam Smith, Esq., economic guru to BigLaw, just wrote a whole series saying it was.

    So you're trying to tell me that innovation, entrepreneurship, and real-world business sense have a place in the hallowed halls of Law? I think I'll drink the Kool-Aid.

    Unsuitable or offensive? Report this comment

  • It should be borne in mind though that Axiom has no obligation to pay those 58 new hires if it cannot find them work, so it (like LoD) is in a no risk situation when taking on new people. All the risk is with the lawyers, unlike traditional law firm employees.

    Unsuitable or offensive? Report this comment

  • As stated above, which I strongly agree with, is that the old passive growth is most certainly dead. For firms that truly align their business (incl development) model to foremost support clients needs (agreed not that many up to date) I can only see a prosperous future.

    Unsuitable or offensive? Report this comment

  • Absolutely right. There is a lot of quack futurology going on. Society is becoming more risk-averse; regulation is invariably seen as the answer to all sorts of problems (even by politicians who assert a desire to shrink the state); a compensation culture has taken hold. All of this creates more work for lawyers. What is under threat is the traditional equity partnership model: market adjustments mean partner earnings expectations are, in the main, completely unrealistic. Their associates, seeing what's happening, are no longer willing to work themselves into the ground to get made up. (The change in attitude between now and 10-15 years ago, is stark.)

    Unsuitable or offensive? Report this comment

Have your say

Mandatory Required Fields

Mandatory

Comments that are in breach or potential breach of our terms and conditions in particular clause 8, may not be published or, if published, may subsequently be taken down. In addition we may remove any comment where a complaint is made in respect of it. These actions are at our sole discretion.

  • Print
  • Comments (7)