Business ideas from those wanting to get rich quick are often rejected by the po-faced panel on TV show Dragons’ Den, a series that sees entrepreneurs pitch their start-ups to a row of angry-looking millionaires sitting next to a pile of their own cash.
Lawyers, of course, are used to a good pitch. But how would the market fare if given a three-minute slot? Would the Dragons scrunch their faces and call it all hooey?
According to the managing partner of Knights Solicitors, the firm that former Dragons’ Den investor James Caan invested in last year, perhaps so. Knights chief David Beech said the traditional training model is “dead” because it continues to teach students in the same way it did 30 years ago. No brownie points for innovation with that one, then.
“Students today are being taught the same way I was taught 30 years ago and the legal system is not the same as it was then,” Beech told The Lawyer. “The sector has changed. It will continue to change dramatically in the next 10 years and the training system needs to reflect that.”
So while former Caan gave the Midlands firm a thumbs up for investment, perhaps the legal market’s traditional training model would see fellow Dragon Duncan Bannatyne pull out his famous catchphrase: “I don’t like you, I don’t like your business, I’m out.”
Also on TheLawyer:
- The world’s largest bank by market capitalisation, Industrial and Commercial Bank of China, is overhauling its European legal panel and has sent out pitch invitations to a broad range of firms
- Exchange Chambers has seen a return to growth for the 2012/13 financial year, with the set posting a revenue rise of 10 per cent:
- And, Cripps Harries Hall has announced that Jonathan Denny, its managing partner for the past 23 years and the first lawyer to hold that title at the firm, is standing down at the end of April