Centrum Spring 19: Global relationships - what’s the point?
The 2018 LexisNexis law firm and business development survey highlights that, despite competitive pressure having increased, obtaining lawyer participation in new business activity remains a top challenge for business development professionals. Fiona Jackson delves deeper.
The stark reality today is that clients have taken control of the market and law firms need to be more strategic with their business development initiatives.
To achieve this objective it’s imperative firms understand their market for new and organic account growth, and for which having visibility of the relationships (on a global) level is essential.
Due to the current global socio-economic environment, the need for businesses to "think and act globally" has never been greater. General counsel (GC) in large organisations today are not just called upon for legal advice but also for commercial acumen. The GC is therefore demanding both reliable legal counsel across jurisdictions and practice areas – and quantifiable value add – from their panel firms to make their investment in the legal services providers worthwhile.
This is potentially abetting the need for law firms to expand and strengthen their presence in other regions.
Consequently, mergers and acquisitions as well as international partnership activity remains strong in the legal sector. UK-based law firm, DWF, is a good example. Its association with Los Angeles-headquartered Wood Smith Henning & Berman (WSHB) has given it access to 22 locations in the US. In addition to its presence already across EMEA and Asia Pacific, the firm is taking its model of managed and connected services to the different jurisdictions.
You can read the full coverage here.