Law firms at forefront of exciting societal changes
A group of consultants, marketers and lawyers have published findings from a year-long investigation into the future of the legal profession. Law2023 looks ahead eight years and identifies seven key factors that will enable law firms to thrive and lead some important changes in society. Among the factors, or rules, that will be important for law firms in the years ahead:
technology will allow lawyers to bill for real value; law firms will need to think globally and be able to advise how transactions will play out in multiple jurisdictions; lawyers will need to help satisfy consumer demand for their clients to be responsive and accountable; hiring, roles and paths to career success will evolve; law firms will seek to dominate in specific niches;
law firms will have research and developments teams to enable to creation of new offerings; research and innovation will help law firms better understand and enhance the client experience.
The study concludes that disruption to the legal profession will be similar to that which has changed telecommunications, media and healthcare. The Law2023 group believes that those law firms that make changes now “have to face the hard truth that their actions today won’t be understood for years. Yet their reward will be an opportunity to reshape the legal industry.” Further details of the study can be found at law2023.org
UK to launch global financial services court
London is to build on its position as a world financial sector with a new global specialist court focusing on the sector. In announcing the court, which has the working title of The Financial List, the Lord Chief Justice said that new court at The Rolls Building will “provide the necessary environment for economic activity to thrive”. The court will only hear cases worth over AU$104 million or those that set a precedent.
Expanding international law firm announces financial results
Wragge Lawrence Graham & Co has announced its financial results for the 2014/15 financial year. Global revenues were AU$377 million and the profit margin of 32 per cent includes one-off costs of integrating the two legacy firms Wragge & Co and Lawrence Graham. The two firms merged in May 2014 and the combination has further expanded with a merger with Canadian firm Gowlings.