The legal profession has been facing substantial changes as a result of the recent economic crisis and the growth of the legal industry and market. This has given an up to a new cluster of clients who is authorized to set the terms and conditions in the procurement of legal services.
The major challenges encountering the law firms in London are included by changes in the relationship with clients, the magnetism and retention of talent, and innovation. One specific challenge for the big majority of firms is institutionalization. The world of corporate lawyers has altered. At most companies, we are now seeing young professionals with a different mindset around business compared to that of traditional lawyers. They face the execution of their functions and responsibilities not only within the legal context, but also in terms of the needs of the industry in which they work. At the same time, clients look for a clear and transparent relationship with external lawyers, which often asks for a flat fee or other arrangements that give them more control in managing their budget.
Today’s law firms in London need lawyers not only to resolve legal concerns but also to support their business development efforts. They must stay present and, along with the standard deep level of legal knowledge, have additional training and tools in the areas of business, technology, project management or data analysis and psychology.
In addition, it is no longer sufficient or productive for the client’s relationship with the firm to be based solely on contact with one of its partners. There need to be policies for forging new multiple relationships to help the client understand that behind the service they are getting is a horizontal group of professionals that includes partners and associates comprising cross-functional teams. In this context, technology is having a major influence on the provision of legal services. It provides every opportunity for lawyers to access client information and gain a deeper insight into their business and the sector they are operating in, with the ultimate goal of understanding their needs.
There is one thing that can’t be overlooked: imprisoned clients don’t exist anymore. A company works with a law firm because it has the needed expertise, reliable advisors and fees that align with the added value it is seeking.
The latest generations are breaking away from the conventional model; they have a different viewpoint on the legal profession. Their continuous connectivity and technological know-how allow them to work in a nontraditional way. At job interviews, candidates are inclined in the culture of the law firm, whether it can meet their expectations, the flexibility of the work schedule, etc. Millennia's work differently and must be motivated differently, so law firms need to revise a number of policies and procedures to get the best results from them. Likewise, it is crucial to understand that today’s young lawyers from this new generation don’t want a boss; they prefer to have a leader that they not only will learn from but who will also be their mentor and friend.
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