‘There is a pause in the activities firms like ours service. The question is, for what? Business may get used to a continuum of uncertainty.’
Steve Cooke, Slaughter and May
After a year of mergers, Brexit, and Trump, law firm leaders reflect on the 12 months gone by and size up the year ahead
A COMPLETE WORLD
‘The world has become more complex, and clients are looking for advisers who can cut through the red tape and help them navigate the choppy waters. That’s our sweet spot – the harder a deal becomes the more we feel at home.’
Charlie Jacobs, senior partner, Linklaters
CULTURE CLASH
‘The key challenge for all global law firms is the clash between globalisation and cultural identity you see growing all around the world. Whether it is Brexit or Donald Trump, all of this is a reaction to the challenge globalisation has created. Any law firm that is in the business of helping clients go across the border needs to understand the culture and traditions of what is happening. That is how you can really get a deal done or solve a dispute.’
Joe Andrew, global chair, Dentons
WILD WINDS BLOWING
‘Some wild winds are blowing out there. While they are, it feels as if business is staying indoors and that there is something of a pause in a number of the activities which firms like ours traditionally service. The question is, a pause for what? It feels unlikely we are going to have clarity on the shape of Brexit any time soon, and the implications for business of the Trump presidency may be uneven and changeable. It may be a long pause, or alternatively, business will get used to a new normal of a continuum of uncertainty.’
Steve Cooke, senior partner, Slaughter and May
ANTICIPATION
‘I suspect that volatility on a global basis will be the hallmark of the year ahead. The challenge will be to remain on the front foot, to continue to be able to anticipate issues that may impact our clients before they do. To this end we are committed to continuing to grow with our clients and for our clients, and to meet their increasingly global needs and demands, whether that’s through investment in the right talent or in intelligent systems.’
Frances Murphy, London managing partner, Morgan, Lewis & Bockius
NEED TO ADAPT
‘We’re operating in an environment characterised by great change and uncertainty, one which many businesses will never have seen the likes of before, and businesses have to accommodate that as part of their strategic planning. This new world has the potential to foster a lack of confidence, which may inhibit business as it moves into 2017, but it also has the potential to offer opportunities. To be the best and most relevant advisers to our clients, we must not lose our desire to innovate, grow and adapt. Those that do will reap the most reward.’
Simon Levine, global co-chief executive, DLA Piper
BREXIT BENEFITS
‘It has been challenging, but in a way that makes it exciting. It puts you on your mettle in that you have to prove – is it just you or are you riding a wave? If there was one defining feature of the post-Brexit period, it was increased interest in UK assets from non-UK buyers. Whether you are a national, international or regional firm, you should be in a position to benefit. Our international platform has helped with that.’
Ray Berg, UK managing partner, Osborne Clarke
VOLATILITY CONTINUES
‘With the uncertainty comes a premium on deals differentiated by geography, sector or deal type. As such, a commercial legal adviser giving top-quality advice on complex situations can make a real difference. Over the next 12 months, the markets will continue to be volatile as the article 50 notice is (I assume) served and the effects of Brexit and Trump continue to be felt throughout the global economy. Our focus will continue to be on quality as new circumstances will demand more and more creative solutions.’
Adrian Maguire, partner, Freshfields Bruckhaus Deringer
WHAT’S NEXT?
‘The ideas of Brexit and Trump seemed remote possibilities at the start of the year, yet here we are, wondering what’s next. We are at the start of a period of not inconsiderable change to the world we live in and law firms, like everyone else, will need to find their place in it. The biggest challenges on the horizon include making best use of technology to support the service we give to clients, navigating the uncertainty Brexit and the eurozone will continue to throw up, and keeping our business safe from cyber attacks.’
David Patient, managing partner, Travers Smith
REGULATION TO BOOM
‘For us, 2016 has been an extremely busy year for large transactions. Looking forward to post-Brexit, in the short term we will see an intense call for legal services in the regulated areas, but in the longer term it’s still just too soon to tell.’
Tim Frazer, London managing partner, Arnold & Porter