| LG v Nabarro |
 Crunch timeThe past few years have seen dramatic changes at Lawrence Graham and Nabarro, two firms hit hardest by the real estate downturn. But as LG approaches its 300th anniversary, it is looking its age, while Nabarro still has its bite.By Maria Jackson Before you embark on a rebrand there’s so much to consider. How much are you willing to invest in a renaming and follow-up marketing campaign? How do you attract new clients without alienating longstanding business partners? Will you share your identity with a household-name electronics manufacturer? Evidently, the last issue is easily overlooked. LG – née Lawrence Graham – has had a tough time of it recently. Stagnant through the boom years of 2006/07 and 2007/08, and then hit hard by the credit crunch, the firm’s fortunes are a world apart from its $104bn-grossing Korea-based namesake. And compounding its lacklustre performance is the much more upbeat attitude being flaunted by its property rival Nabarro. Nearly 15 years ago that other great real estate specialist was facing its nadir: when Nicole Paradise stepped into the managing partner role at Nabarro in 1999, she was faced with a task of Herculean proportions – the firm was posting zero growth in a boom market and its overdraft was spiralling out of control. Now it is the perfect example of clear and focused management. Like LG, Nabarro has been hit hard by the current recession. Both firms have signature real estate practices that account for a hefty 28% of revenues and both posted an 11% drop in turnover in 2008/09, reigniting the age-old comparisons that have long dogged these two real estate-heavy, mid-market stalwarts. But that’s where the similarities end. Despite being the younger firm, Nabarro’s chequered past makes it much more streetwise and adaptable than its competitor. If you like a gamble, the smart money is on the young pretender recovering first. To read the rest of this article subscribe to Legal Business. 
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