In the cauldron of the modern legal market, is ‘Big Law’ still the strongest spell in town? Richard Burcher reports
As a legal pricing specialist, I spend a lot of time talking to law firms around the world. Pricing is a big issue in the international legal market, with flexibility and innovation becoming essential. The spell cast by large international firms is still strong, and many of them are alert to the challenges and the need for agility. But I see growing evidence that international reach is being eroded as a competitive advantage by the rise of powerful international networks and alliances. More and more clients are seeking value from their legal spend by turning to mid-market independent law firms—a part of the market where international networks and alliances represent a viable alternative even for client firms operating in global markets.
Boutiques and alternative providers are also adding to the mix. But whether a firm is a fully integrated international behemoth, a ‘verein’ (a structured but independent network), ‘best-friends’ or some variation on these themes, the challenges of cross-border pricing are significant.
