Conclusion
In just one generation, the work of a lawyer has evolved beyond measure. Looking back 20 years ago, lawyers were sole practitioners and individual centers; they managed everything on their own, from administrative tasks to pitching to clients, and were willing to take on a wide variety of cases.
Globalization and trade liberalization have prompted a revolution in the business practices of our clients. Law firms have had to adapt accordingly in order to keep up with the needs and expectations of global corporations. These multinationals, dealing with ever more complex and sector-specific matters, need specific legal expertise—which the traditional legal services model is not able to deliver. Lawyers have responded by specializing and reorganizing, and big law firms have pooled talent and built sector and practice groups through well-connected international networks. Today, lawyers are supported by business people, who assist them in pitching to clients, attracting and growing talent, hitting targets and designing sound business strategies.
While those changes have taken place incrementally over two decades, this evolution is accelerating. Law firms are adopting even more specialized, strategic, integrated and efficient business models. And some, like Dentons, have opened up to the world as a whole, and to the communities, becoming polycentric. The mindset of corporate lawyers has begun to shift. But to make this change sustainable requires constant self-reevaluation, clarity of mind and an eagerness to adopt new tools. Developing this attitude, however, requires an optimistic approach in a disruptive environment, mindful thinking about the ethical and economical challenges and a strong belief in the fundamentals of our profession.
Liquid Legal Context
by Dr. Dierk Schindler, Dr. Roger Strathausen, Kai Jacob
There is pressure on the traditional model of how law firms serve corporate clients.
However, the debate about this very often gets reduced to the costelement, i.e. how the budget pressure on in-house leaders translates into a rapidly decreasing willingness to accept the high rates and traditional ways of billing by law firms. This exclusive focus on cost is trying to cure the symptom while remaining ignorant about the root cause.Markfort overcomes the traditional way of thinking and offers a range of aspects on how the DNA of legal service providers has to change in order to succeed in a changing market. His point of departure is the fact that clients want solutions, not opinions—so lawyers have had to shift from legal advisors to service providers. Markfort concludes that the main traits of a legal service provider to manoeuver in a globalized industry are: polycentrism, project management skills and savviness in technology, as much as diversity and trust.
How does Markfort’s thoughtful and innovative approach from a big law-perspective resonate with an in-house leader? Is the service provider
(continued) approach a match to the expectation that Lucy Bassli voices when she expects law firms to become managed services providers?
It is also interesting to add the perspective of Jan Meents and Stephen Allen into the picture, who—in defining new types of services from providers in the legal industry—make a strong case for not falling into the trap of only focusing on cost and to measure value creation instead.
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Dr. Rainer Markfort is a corporate partner in the Berlin office of Dentons. He focuses on advising corporations in critical situations. He supports companies’ management in internal investigations and in setting up compliance management systems. Rainer has years of experience in advising on the restructuring and refinancing of companies. His practice covers providing insolvency advice to creditors, shareholders and management as well as developing and implementing insolvency plans, and advising on MBO and M&A transactions. Rainer studied law at the University of Munster (Germany) and Universite Paris II (Maitrise en droit) and received his PhD in law from the University of Munster in 1993.