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Our last roundtable “Managing Through The Recession: how clients and lawyers can assist each other” required a Part Two.
Had law firms acted upon the unmistakable warning call from the GC’s at the previous roundtable? Was the private practice model under threat and responding accordingly? How had clients and lawyers shared the pain?
The debate was markedly upbeat despite a year’s unprecedented economic upheaval. Law firms gathered around the table took comfort in the knowledge that none were immune....yet nor were they on the brink of collapse.
Business was still flowing, albeit in reduced quantities. GC’s were still under pressure to reduce cost and looking for “added value”. Alternatives to hourly billing were discussed with the GC’s wanting even more flexibility and risk sharing from the law firms.
One of the more interesting points to come out of the debate was discussion around the segmentisation of workflow according to specialism and quality requirements, and how this would impact on the training of lawyers.
There was a feeling that market turmoil provided a good opportunity to reassess career and pricing structures, and this would be missed if people were too keen to get back to business as usual.
Some were predicting law firm growth dependent on partners taking less money; others predicted almost no growth at all.
Most agreed that the next year would see more team moves, more competition for talent and therefore a need to maintain decent PEP figures.
The warning call from the GC’s was still there – law firms had to be more reactive and nimble. Those that chose to bury their head in the sand in the hope that things would go back to normal, were doing so at their own peril.
The conclusion was uplifting though cautious: the world was not collapsing but throwing up opportunity for change. Law firm strategy would determine their survival over the years to come. Certainly all those around the table were well equipped not only to weather the storm but to use the time to modify and sharpen their gameplan.
Only those who choose to do nothing were truly vulnerable.
Panel Member Quotes
‘As ever, very interesting. I always learn something worthwhile when I come to one of these things, so thank you very much for continuing to include me amongst such a distinguished group’.
Jerry Walter – Partner - Fried, Frank, Harris, Shriver & Jacobson LLP
'Very many thanks for inviting me to your roundtable discussion on Monday. In some ways, it is comforting to know that we all share common pressures and thoughts about the future'.
Richard Price – Senior Partner – CMS McKenna
‘As always I found it very interesting’.
David Cheyne – Partner - Linklaters
"I do so enjoy your roundtables and hope they work for GG".
Richard Linsell – Partner - Addleshaw Goddard
“I thought it was good. At least on a par with the last one. There was a bit of tension in the air between the GCs and private practice, which I thought was healthy.”
Alex Spence – Editor - Times On Line
"Many thanks for the breakfast roundtable. It was all really good fun as per usual!"
Robert Webb QC - Chairman - Autonomy
"Lovely to meet you this morning and thank you very much for this morning's discussion - very interesting and a good debate!"
Claire Chapman – General Counsel & Group Company Secretary - Inchcape
"Very interesting and comforting to know we all seem to grapple with the same issues!"
Jeffery Barratt – Partner – Norton Rose
"Bitterly disappointed to miss the event. Look forward to the transcript. The subject was one I would have loved to review in that group."
Michael Hatchard – Partner - Skadden, Arps, Slate, Meagher & Flom
'A stimulating and rich debate of issues critical to law firms and their clients'.
Nigel Boardman – Partner - Slaughter and May |
