In the face of economic headwinds, how best can law firms chart a course for 2023? Seamus Hoar & Nick Carrad explain the benefits of looking back to plan ahead
- The inevitable challenges of economic uncertainty and changing client demand in the year ahead could prove an opportunity for the legal sector.
- Now is the time to put past experience to use, drawing on hindsight to approach 2023 with strategic foresight.
Last year saw activity in the legal sector continue at pace, with demand for both individual partners and team moves remaining high in all markets, including London and Paris. Now that we have entered 2023, the legal sector will undoubtedly face some key challenges: a broad economic slowdown and changing client demand, with attendant pressure on profits per equity partner (PEP).
Lessons from 2008
The year ahead threatens widespread economic uncertainty, and firms will be considering how they can best prepare for a possible recession. Many will likely turn to their 2008 global financial crash (GFC) playbook, principally to remind themselves of
