‘The next decade will decide whether firms become more like the Big Four or develop their own distinct model. They can no longer rely on informal control.’
Laura Empson, Cass Business School
After a decade of upheaval, legal services veterans give their prognosis on what the 2020s will bring
Interviewed for our annual in-house lawyer survey, leading GCs give their take on risk management, becoming business advisers and collaboration
‘Digital technology is something that is upon us. A lot of law firms and in-house departments will start thinking about how we harness the power of AI or technology to help us and not feel threatened by it. How do we make life simpler and not do the mundane? It’s about a mindset of being agile – the world is always changing, last year everyone has seen how rapidly change has come upon us, political and economic. So how do you equip yourself to embrace the good things about change?’ Continue reading “The Last Word: The client view”
Law firm leaders discuss the challenges of putting values on their corporate agenda and how to balance purpose with the profit motive
‘Most firms realise the importance of values. I don’t think I’ve spoken to a single managing partner who isn’t doing these things. There are two basic drivers – what are your clients asking of you and what are your people asking of you. Anyone who thinks this isn’t important is burying their head in the sand.’
Continue reading “The Last Word: The values are everything”
No-deal Brexit, accountants, Millennials and soothsaying – LB100 leaders give their views on a hazy 12 months ahead
‘You cannot continue having 10-15% growth every year – not even the Chinese economy has achieved that! The profession as a whole has had a good year, but the rate of growth has slowed down. The comforting factor is that every single business is in the same place as us. We are all doing our best to protect and predict. Anyone who tells you what’s going to happen… well, that’s just guesswork.’ Continue reading “The Last Word: Sound methods”
Despite Brexit, Trump and trade wars signalling a tentative prognosis from Global 100 leaders for the remainder of the year, many firms entered 2019 with engines blazing
‘Volatility, trade wars, Brexit and Trump notwithstanding, it’s been a good financial year. Each of our practice areas are strong in terms of work and economically. Mandates are flowing in, it’s a positive story. Threats are out there. Brexit will be priced into the market for the next eight to ten years. There will be peaks and troughs and no clarity for a while.’ Continue reading “The Last Word: New frontiers”
As part of our annual Euro Elite report, management at independent firms in Europe give their views on today’s market challenges
‘In 2017 we had a record performance. 2018 was a year of big investment to consolidate our development in Africa and the Middle East but we did it halfway through the year. We are going to continue and consolidate our strategy. A lot of attention and energy will be on the international development. Our strategy is still to become a leader in the Mediterranean area, Africa and the Middle East. For now we are optimistic but from the second half of 2018 we have seen a decrease of investment in M&A.’ Continue reading “The Last Word: Elite forces”
As bellwether Forsters opens the 2018/19 financial reporting season in the UK announcing steady revenue growth, we ask law firm leaders for a progress report
‘We don’t have an enormous exposure to M&A. It makes up about 10% of our business, but the sense is people are getting used to the new normal. No one really knows what is going on with Brexit, but they’re just getting on with it and there are deals out there. I dislike the phrase cautious optimism, but it’s been a decent year. The challenge for firms will be finding active clients; we have been looking further afield than we would have done years ago.’
Paul Roberts, managing partner, Forsters Continue reading “The Last Word – Best foot forward”
To mark the launch of our 2019 Global London report, we ask senior management at the leading US firms in London for a progress update
‘Milbank does not just have stellar transactional practices: a very significant component of the London office are countercyclical businesses such as restructuring and litigation. They are among the strongest performers. At some point the economy may deteriorate, but we have positioned ourselves to thrive in good and bad conditions.’
Julian Stait, London co-managing partner, Milbank Continue reading “The Last Word – Global London perspectives from inside the shark tank”
The deal market tailed off at the end of 2018 after a generally resilient year. Here we ask the City’s leading corporate players for their prognosis on 2019
‘2018 started with a bang, but overall it was a tale of two halves. With competition for assets pushing valuations to eye-watering levels, investor fatigue and a degree of scepticism around the value-creating potential of M&A also took a toll. Looking forward to 2019, many of the factors that supported activity last year remain relevant. These include global growth, strong balance sheets, affordable debt and plenty of dry PE powder. But it’s hard to see 2019 topping 2018. We don’t expect a major correction, but we do anticipate a dip.’
Bob Bishop, co-chair of corporate, DLA Piper Continue reading “The Last Word: Opportunity knocks”
Interviewed for our in-house lawyer survey, some leading general counsel give their views on ethics, law firm engagement and technology
‘There’s no question that stakeholders and the population at large have higher expectations of ethical conduct by companies and that this is only going to increase. Some of that will manifest itself as greater regulation. In-house functions play a greater role in ethical matters. It’s not just advising on legal issues – in-house functions can play a leading role in ensuring companies continue to follow the ethical path.’
Richard Price, group general counsel, Anglo American Continue reading “The Last Word: The clients’ view”
