The legal profession is going through a period of dramatic and profound change, and the forces driving these changes are having far-reaching consequences on the industry. The roles and responsibilities of the equity partner are not immune from these forces, and are evolving and expanding in response. For many this is creating great ambiguity, while others are seizing the opportunity.
What are the forces in play? To name but a few, law firm clients now articulate their requirements more clearly than ever before, with the value proposition delivered by law firms constantly under review. The financial and economic stresses on the business of law are visible and demanding – profitability and margin pressures are extreme with billing rates subject to compression, while inflationary forces on the law firm cost base remain a constant threat. Alternative fee arrangements are commonplace and clients often have an expectation or requirement that law firms will join them to share in the commercial risk of a transaction. New models emerging for the organisation and structure of law firms are constantly being developed and implemented, with onshoring, offshoring and outsourcing constant themes changing the traditional shape of firms. In today’s world, where disaggregation of legal matters is becoming the norm, legal instructions must be analysed, unbundled, re-engineered and project-managed.
