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Law Firm Strategy

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Every day we hear about attorney laying offs, mergers, and the competition for global legal clients. While our world is getting smaller our law firms are becoming more global. This new global environment is leading to changes in the traditional law firm. What does a medium to large size firm do to plan for this brave new world? Many firms have already diversified their legal offerings to enlarge the net to catch more and larger fish. Firms have added such practices as:  Intellectual Property, Corporate, Litigation, and Regulations. However, man does not live on fish alone.

 The law firm must step out of the box and leverage its role as a trusted advisor, not just in legal matters, but business matters as a whole.  Some areas that law firms can start leveraging their trusted roles in the following ways:

      • Risk Management
      • Compliance
      • Records Management
      • Information Governance
      • Information Security
      • Electronic Discovery

Many firms have experience in these areas and companies are anxious to have their concerns addressed with a team that is knowledgeable of law and legal ramifications. There are hurdles to overcome due to how law firms are organized, but the rewards would be great. Harken back to when audit firms stepped out of their comfort zone and diversified their businesses.  Firms such as Ernst & Young, Arthur Anderson, and Deloitte became wildly successful.

Most young attorneys are savvy about electronically stored information and privacy concerns. This is how the millennials grew up. The internet and social media have been around since they were able to talk. They are perfectly suited for this transition. Here is an opportunity to break the mold and pave your own road. Law firms are better situated than the audit firms that have ruled this space for the last twenty-five years.

I strongly believe this is the best opportunity for the growth and expansion of the mid sized firm.   There are several examples of firms that have ventured in this area and are succeeding. Therefore I encourage large to mid-size firms to look beyond their legal offerings and embrace this brave new world of the diversified portfolio by expanding into non-legal business.

Is Content Management Dead?

Comments 1

 
Guest - Tim Noonan on Wednesday, 23 April 2014 14:55

A recent article (4/21/2014) from Chicago Crain's Business discusses how Seyfarth Shaw LLP are building out a consulting offering to their clients.

A recent article (4/21/2014) from Chicago Crain's Business discusses how Seyfarth Shaw LLP are building out a consulting offering to their clients.