Emma Kaye reports on how uncertain market conditions are intensifying pressure on law firms
Clients are sharpening their focus on the procurement and management of outside counsel. They are increasingly sophisticated, discriminating and demanding of their law firms and, in times of economic uncertainty, we can expect this pressure to intensify.
Clients have a clear sense of the strategic value of a matter and what they, therefore, expect of the law firms they instruct. Buying and management decisions will be dependent on how matters are categorised (high, mid and low value) and who is making the purchasing decision (the board, a specialist or the general counsel).
Clients' expectations of their lawyers for matters of critical business importance (high value matters) will be rather different to expectations for the type of work which clients see as more routine. For the business critical work, clients are looking for firms that can deliver thought leadership, demonstrable experience/reputation, a business solutions approach, excellent relationship management and high standards of service and support. By contrast, at the other end of the spectrum, for lower value work, efficiency, predictable
