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Law Firms: Any Vision For Your Practices?

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The age-old dispute whether Law is a noble profession or a business has been long laid to rest. Law firms are set up for the practice of law and to render legal services, just as hospitals are set up to render medical services. However highlighting the importance of the administrative and business aspects of the law profession does not diminish its nobility. There is the professional aspects and the business aspects of the law. Only a well-run business can be an efficient and successful professional firm. Law is both a noble profession and a multi Dollar business.

The Financial reports (2018 gross revenue) of a few law firms sufficiently attest to this fact -Kirkland & Ellis USD 3.76 billion, Latham & Watkins USD 3.39 billion, Baker & McKenzie USD 2.9 billion; DLA Piper USD 2.84 billion, Dentons USD 2.42 billion. Wachtell, Lipton, Rosen & Katzs’ turnover in 2018 -USD 763 million; $6.530,000 in profits per equity partner. Kirkland & Ellis profits per partner $5,037,000; Latham & Watkins $3,452,000, DLA Piper$1,757,000

The sizes and corporate structures of these firms also underscore the importance of the business and administrative aspects of law practice. In the UK despite the uncertainties of Brexit and the much touted impending recession, The Lawyer (a UK based legal research magazine) – reported that well-managed law firms continue to thrive in their practices and benefit from new opportunities in the UK. The research magazine published the 2019 gross revenue of 200 top UK law firms – DLA Piper was at the top of the list with a revenue of £1.946 billion, followed by Clifford Chance £1.693billion, Linklaters £1.628billion, Allen & Overy £1.627 billion, etc.

Coming home to Nigeria, though we are bereft of statistics on law firm, the financial value of a few reported legal transactions sufficiently proves that law is both a profession and a business.

The Business of Law

From the business of law perspective, a law firm is made up of a group of people working together to deliver legal services for profit. A law firm is a vehicle formed to earn profits that will increase the wealth of its owners, all stakeholders and the community in which it operates. A law firm is an organized effort or activities by lawyers working togther to provide legal solution with the intention of building a going concern, an enduring entity.

From the business of law perspective, a law firm is a professional service that must be taken to the market (consumers); therefore it is subject to the market forces of supply and demand. Consequently sound technical knowledge alone – howbeit in Latin and English (Certiorari, Ad litem, Habeas corpus etc.), legalese, wig and gown, the gavel, and other sacred ornaments of the legal profession alone does guarantee the success of a law firm.

A Law firm should be run on sound business skills, knowledge and practices to ensure its financial sustainability. No law firm can survive and thrive without the combination of multi-disciplinary skills and professionals – which the changing aspects of law practice today demands.

Front or Backend?

Every business has a frontend and a backend. Law is no exception. There is the professional aspects and the business aspects of the law practice. The professional aspects – constitutes the frontend and the business aspects constitutes the backend. Is the frontend of a business more important than its backend? Can the backend be overlooked or compromised without consequences? In business, the quality of the backend heavily impacts the frontend.

What constitutes the backend of a law firm? The “messy little details” like Human resources – people or talent management, recruitment, retention, training and development, welfare, compensation, performance management, career progression and development, succession planning. Office Acquisition, facilities management, space planning and ergonomics.

Strategy – visioning, policy formulation, goal setting, mission and objective.  Procurement, Logistics, operations, file management. Library and knowledge management.

Business/client development – value proposition, branding, website, social media, market collateral – brochures and newsletters.

Finance – budgeting, profit drivers, pricing, fee setting, billing and collection, cashflow management, tax, insurance, cost control and internal audit.  

Governance and structure. Information technology – Practice support systems; Computer hardware and software systems, Electronic privacy issues, Disaster management and Business Continuity Processes, Document and Knowledge Management Systems, Artificial Intelligence, disruptive innovation like the commoditsation of legal services Etc.

The Balancing Act

Many law firms struggle with balancing the professional and business aspects of running their practice.Law practice have some inherent peculiarities that may pose as road-blocks to running a successful business. For instance, law firms are usually populated with very intelligent, opinionated and individualistic professionals. Independence is highly prized by lawyers. This is not a bad thing in itself but it can make governance a nightmare. Also, law firms can have highly politicised internal structures and decisions are usually consensus driven, which again, can make governance a nightmare. After “all said and done,” nothing is usually done because lawyers can have a particular strong aversion to taking directions–and management and administration is usually about directing, planning, innovating. Law firms can be individual client focused, with power usually based on client/revenue generation which is dangerous for firm cohesion. Another threat to law firm cohesion is the argumentative, competitive. Adversarial and even sometimes combative tendencies of lawyers.

Further, law firms usually are short-term focussed, bottom-line focussed and with poor investment mindset. In addition, it has been observed that lawyers are usually risk adverse.Another peculiarity is that most law firms have few role boundaries. It is typical to find lawyers in firms who wants to be the accountant, admin manager and human resources manager at the same time. Even some partnerships do not have and respect clearly defined roles. Unclear roles is the recipe for confusion in business. Importantly, running a successful business requires a lot of creativity and nimbleness. Law firms however are usually bound by precedents, are conservative, intolerant of mistakes – are trained to detect mistakes, impatient and pressurized because of deadlines. All these stifles creativity which is essential for business sustainability.

From the Back Office

From the Back Office will be focused on Law as a business. My name is Joy Harrison-Abiola, I have spent 21 years at the backend of law offices and have made some very interesting observations. Also, through the years, I have had the privilege of interacting with non lawyer (some lawyers) colleagues both in Nigeria and abroad who like me have spent years at the backend of law offices. These very seasoned business support professionals have shared their frustrations, observations and war stories that have helped in my journey. So I will be showing on this page what constitutes the back office of a law firm and how it can be effectively harnessed to make a law firm successful and sustainable.

Also Read: How Tech Is Enhancing Recruitment: An Interview With Sandy Simagwali, Co-Founder Of Graft Africa

The Trouble with Vision

A few years ago, I visited the back office of the 11th largest law firm in Boston USA – Burns & Levinson at the invitation of its CEO. I spent a couple of days and had the privilege of sitting down with one of its founders and of course my question was about Vision. What inspired the setting up of the firm in 1960? The “old man” gave me some very interesting perspectives on how they have navigated the very rocky American law business terrain for 50 years holding unto their vision. What is vision? Is there a relationship between vision and law practice? Does a vision drive a law firm or not? Is vision essential to the survival of a law firm? Who gets the vision? Is it essential that the vision is written and documented somewhere for easy reference? Who drives the vision? How is a vision communicated? Is it possible for a law firm to operate without a vision?

What is the vision of your law firm? Where is your law firm going? How far do you want to take your law firm? What will the destination look like? How will you know when you get there? A vision is an inspirational and aspirational destination on the horizon. The trouble with vision is that it is the thing lawyers typically omit to do when opening their law practice. Law firms ignore to articulate a vision for their firm. You find vision in very few law firm websites or marketing collaterals.

Meanwhile, Vision, if well crafted contributes to your brand – it has a way of carving out an identity for a firm – what it does, what it wants to become and what it believes in. Another trouble with vision I have observed from the back office is that even when a law firm articulates a vision, the vision is not translated to a shared corporate vision. Most lawyers lack the skill or the will to do this.

Why is vision, mission, values and a strategy document vital in business? The short answer is that without these, there is no direction, or there are several directions and confusion and wastage of resources follows. A good vision articulate’s the firm’s ultimate goals and objectives in a way that inspires and moves the firm in a specific direction. Any law firm that ignores this will do so at its detriment. A law firm that is serious about growth and success will pay attention to corporate visioning.

Article By: Joy Harrison-Abiola, a leading legal management professional and the Practice Administrator of Adepetun Caxton-Martins Agbor & Segun- ACAS-Law

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Banking / Insurance

Current Legal Issues Arising from Banking and Financing Arrangements

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In August 2020, Diagoe Plc’s Nigerian entity announced that it was struggling to refinance a $23 million debt and trim costs following a shortage of dollars in the local-foreign exchange market. While the lack of access to greenback (dollar) remains a growing concern for borrowers in Africa, the downturn in the revenue and profits as a result of COVID-19 has recently become a more prevalent cause for the inability of many borrowers to fulfill their contractual obligations.

The disruption of supply chains, compulsory quarantine, and social distancing regulations are a few examples of the effect of COVID-19 which in turn have materially caused economic instability and affected the ability of borrowers to meet their financial obligations. There is therefore a need for lenders and borrowers to critically consider the implications of the current economy on their financial obligations.

This article highlights some key implications the current financial terrain may have on borrowers’ businesses and their ability to comply with their contractual obligations. The article further sets out recommendations for lenders and borrowers who are faced with the task of funding and repaying loans under respective financing arrangements. While there are numerous impacts of the resultant effect of COVID-19 on covenants in finance documents, this article highlights only a few of such key legal consequences on financial obligations.

Financial Conditions and their Implication on Covenants in Finance Documents

Generally, financial covenants in a loan agreement are undertakings given by the borrower to test the performance of the business servicing the loan and to help the lender ensure that the risk attached to the loan does not unexpectedly deteriorate prior to maturity.  These performance covenants may cover the borrower’s business both back or forward to assess whether the business is showing any signs of distress that could potentially affect its financial obligations under the finance documents.

Also Read: Helios Investment Partners Backed Africa Specialty Risk Group Launches

However, as a result of the steps taken to combat the COVID-19 pandemic, many businesses have seen a severe and abrupt drop in income which has affected the ability of businesses to meet some performance covenants.Where these covenants have been breached as a result of the pandemic, the lenders may declare a default under loan documents and demand early payments of loan which acts as a drawstop, such that the borrowers will not have access to their facilities. A drawstop event means a breach by the borrower of a financial covenant which gives the lender the right to refuse to make further loan advances under a facility agreement.

In light of the foregoing difficulties that both lenders and borrowers may face in these uncertain times, the following paragraph sets out practical solutions that may be explored by the parties. 

Legal Considerations for Borrowers and Lenders

With the current unpredictability of the financial markets, it is important that borrowers and lenders conduct a critical review of their current loan documents to verify the implications of COVID-19 on their rights and obligations. Most importantly, borrowers have to fully disclose to their lenders the current situation of their businesses, highlighting any potential breach before it happens helps to build trust and to enable the lenders to have a clear picture when deciding if they will be willing to adjust financial obligations in line with the current realities of the economy and take into consideration some practical solutions set out below.

First, parties may agree to re-negotiate and subsequently amend their financial covenants, taking into consideration the impact of COVID-19 on the borrower’s ability to comply with their financial covenants. For instance, certain definitions in the finance documents may no longer reflect the current realities of the borrower’s business, such as EBITDA which is used as a metric for thelast four fiscal quarter periods of earnings before interest, taxes, depreciation, and amortization to measure the company’s financial performance.

Thus, where the EBITDA has been affected as a result of the pandemic an amendment to its substance will be an appropriate step in order to reflect the current financial condition of the borrower. Other re-negotiation may be in relation to compliance with certain conditions provided under the finance documents.For example, a facility agreement may include provisions requiring the borrower to fulfil certain further conditions precedent before it can access additional funding under the relevant facility.

It usually includes confirmation that:

(i) no Event of Default or a potential Event of Default has occurred and is continuing; and

(ii) the repeating representations are true in all material
respects, in each case, as at the date of the utilisation request and the proposed utilisation date.

In such instances, parties may either amend the provisions or the borrower may request that the lender grant waivers in the event that such conditions will not be fulfilled.

Another consideration that the borrower may explore (subject to the fulfillment of any available conditions or if waivers are granted by the lender) is utilizing any undrawn commitment under its existing facilities. Although, it has been highlighted above that material breaches of covenants may give right to the lender torefuse to provide additional funding, it may be in the interest of lenders to provide same. This is because additional funding may positively impact the borrower’s business and in turn improve the lender’s chances of full debt recovery.

Finally, parties may consider undertaking a full restructuring of the financing by re-negotiating substantial terms and entering into restructured facility documentation which may capture relaxation of financial covenants, obtaining a moratorium on interest payment obligations, all necessary requirements, amendments, waivers, and consents required by the borrower. Essentially, the restructured facility documentation is drafted on much better terms that reflect the current financial conditions and commercial needs of the borrower.

Conclusion

The global COVID-19 pandemic has no doubt placed a strain on the ability of some businesses to service their debts under finance documents. While many governments especially in developed countries have granted some aids, this may not be enough especially for companies in certain industries that have been seriously hit by the pandemic. The situation is even worse in undeveloped markets where there is little or no support from government. Thus, it is unavoidable that re-negotiation and restructuring are considerations that will likely be put forward by borrowers to avoid triggering defaults under their finance document during these unprecedented times.

It is advisable that lenders on the other hand, are more flexible with their approach with their borrowers and are willing to work around re-negotiating the financial covenants with the borrowers given the current uncertainties arising in the economy.

Written By: Bukola Adelusi recently completed her LL.M in corporate law at Western University, Ontario. Prior to her LL.M, she practiced with a top-tier law firm in Nigeria, where she specialized in banking and finance, M & A and private equity.

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Legal Business

How Artificial Intelligence Is Transforming the Legal Profession

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LegalTech Image (Source: Medium)

The legal sector has a general reputation for being conservative when it comes to technology. Not anymore. The landscape is rapidly changing. Digital legal tools have gone beyond the days of Westlaw and LexisNexis, the two companies that pioneered online legal research. Artificial intelligence is revolutionizing how attorneys practice law. Keep reading to understand what artificial intelligence is and how it’s transforming the legal profession.

AI Partners with Lawyers

Artificial intelligence (AI) is a term used for a computer-based algorithm that can analyze, strategize, and draw conclusions to complete tasks typically performed by humans. Although AI is new, people have dreamed of harnessing the capability of computers to assist in legal tasks for hundreds of years. In the late 1600s, the German attorney G.W. Leibniz theorized that machines would someday use a binary logic system to calculate numbers, and he envisioned a partnership between artificial intelligence and lawyers. Despite never seeing anything resembling a computer, he accurately described the benefits that AI now provides to the legal profession: “It is unworthy of excellent men to lose hours like slaves in the labor of calculation which could safely be relegated to anyone else if machines were used.”

AI-based software allows law firms to automate lower-level tasks, freeing time for attorneys to focus on complex analysis and client interaction. AI greatly enhances an attorney’s ability to research, advise, and serve their clients. Some large firms already use AI-based tools to enhance their practices. According to the 2018 Technology Survey by the International Legal Technology Association100 percent of law firms with 700 or more lawyers use AI tools or are pursuing AI projects. Firms, particularly larger businesses, that don’t adapt to changing technology, will soon struggle to compete.

Eventually, artificial intelligence will automate even more aspects of legal practice. According to a Deloitte Insight report, AI may automate more than 100,000 supportive roles in the legal sector within the next two decades. However, AI won’t spell the end of non-attorney legal careers. Instead, it will undoubtedly create new career paths, with boundless opportunities in AI and machine learning.

Infographic: Technology is a Job Creator

AI will revolutionize the following areas of the law.

LItigation Document Review

One thing all attorneys can agree on is that law practice involves a lot of paperwork. Even a simple case can involve an impressive number of documents, communications, and reports. Attorneys have a duty to review all the discovery materials associated with a case. If an attorney misses key terms or changes, it can be disastrous and even rise to the level of malpractice. Fortunately, AI streamlines eDiscovery technology, including document review.

AI eDiscovery algorithms work by learning how a firm reviews documents and sorting out relevant terms, topics, and other criteria. Once AI software knows what to look for, it can suggest important documents and areas of interest within the content. AI solves two persistent problems with discovery: it typically takes too long, and it’s expensive.

To illustrate the benefits of AI for document review, imagine that in-house counsel for Company A receives a few thousand documents relating to pending litigation regarding an order of botched goods. Company A’s attorney specifies terms of interest along with relevant documents for the company’s AI to review. The AI scans through thousands of records within seconds and provides the attorney with the necessary information to build a case. With the help of AI, Company A drastically lowers legal costs and quickly drafts a claim to recoup damages and mitigate further losses.

Attorneys have used text retrieval for legal research for decades. Companies such as Westlaw and LexisNexis provided foundational online legal research tools. AI enhances these traditional search methods.

Searching for applicable case law is tedious. General search terms can yield thousands of case results, proving useless to a busy attorney. AI improves searches because it learns what an attorney needs. The more data and information an attorney provides to narrow the scope, the more the AI tailors the information. Instead of 1,000 possible cases that could contain applicable precedent, the AI may provide the attorney with a handful of the most relevant cases. Plus, AI can continue the search even after the initial inquiry. It’s similar to having a legal assistant researching for a client day and night.

For example, imagine Company A sues a manufacturer for failure to deliver conforming goods. Attorneys for Company A provide their AI with important terms and applicable facts and request a list of relevant case law. Not only does the AI deliver past cases on the subject, but it automatically provides updates and further research as it’s published. This intuitive retrieval process is the cornerstone of how AI transforms legal research.

Infographic: How AI Helps Attorneys Build Better Cases

Due Diligence

Artificial intelligence serves as an invaluable tool for attorneys to manage their workloads and protect the best interests of clients by being able to review more documents in less time, and with greater accuracy.

Due diligence can vary widely in its breadth and depth. Generally speaking, it’s a time-consuming process of gathering documents, relevant data, communications, and other vital information. Once assembled, attorneys must painstakingly review each document and search for language in those documents that effectively prohibit a transaction from proceeding forward, or that state that certain consents are required, among other things. Attorneys can use or customize AI to search provided documentation and information, extract key points, and organize everything for thorough review. They can cut contract review time by up to 60 percent by using AI, according to research by Kira Systems.

Contract management

For attorneys who regularly deal with large volumes of contracts, contract management is a must. Artificial intelligence provides a fast and efficient method to organize, track, and negotiate contracts. AI collects data over time to help attorneys draw conclusions, create future contract strategies, and discover new insights within the contract terms. AI software provides attorneys with more confidence in contract negotiations and leads to better outcomes for clients.

For example, imagine an attorney for Company A would like to request a change to the current commission rate during the next contract renewal with Company B. The attorney provides the AI software with access to past contracts associated with Company B. The AI then provides an accurate prediction of whether Company B will approve the requested change.

AI can also help attorneys predict the amount of time it will take a counterparty to approve a contract. The timing of contract approval can significantly impact a businesses’ overall strategy. AI can provide unprecedented accurate estimations from contract creation to close.

For example, imagine Company A needs to decide whether to ask for a modification of a clause in a contract with a manufacturer. Company A’s attorney uses AI to analyze the change and provide Company A with a time estimate for approval due to the added request. The AI assigns cost values to extensions of time to allow Company A to weigh financial penalties against further negotiations. AI provides Company A with sophisticated insights to enable their attorneys and managers to assess whether additional requests would be worth the estimated delay.

Also Read: Why Virtual Staffing is Important for Business Growth

Litigation prediction

Some of the most common questions clients ask attorneys are, “Do you think I would win this case if it went to trial?” and “Should we settle? How much is reasonable?” Attorneys draw conclusions based on their years of experience in litigation and their knowledge about the local judges and opposing counsel.

Artificial intelligence takes prediction to the next level. AI can analyze similar cases with similar facts and provide a statistical analysis to predict litigation outcomes accurately. This tool allows attorneys to confidently advise clients on how and if to move forward with litigation.

For example, imagine Company A is contemplating whether to settle in mediation regarding a suit against Company B. In-house counsel for Company A uses AI legal software to weigh their options. The attorney discovers that with the current facts, Company A has approximately a 55 percent chance of winning at trial. Because of the risk of a negative impact on public relations and the small chances for a win at trial, Company A accepts a settlement, which saves their business tens of thousands of dollars in legal fees.

But is AI accurate with litigation outcome prediction? A London law firm used the data of more than 600 cases over a year to predict the viability of several personal injury cases. And artificial intelligence beats human experts in predicting the outcomes of Supreme Court cases.

Infographic: What Attorneys Can Do With More Time

Conclusion

Artificial intelligence is transforming the legal profession and the practice of law. Some people fear it will eventually replace attorneys. But AI legal software produces the opposite effect. It has the potential to help lawyers fall in love with their careers all over again while saving time and money in the process.

By automating repetitive tasks, lawyers can focus on higher-thinking and more complex operations of their practice. Attorneys may be able to say goodbye to long hours spent reviewing documents. They can spend more time with clients and devote more energy to formulating arguments and strategic planning. For the legal profession, the implementation of AI is a victory for everyone involved.

Written by: Rachel Vanni

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Legal Business

The Business of Law and the Future of Law: A Convergence

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Lawyers are steeped in precedent. They love reusing past precedents, and this has extended to the practice of Law. Lawyers and law firms love the brick-and-mortar approach where exclusivity of technical knowledge, reliance on long experience and conservativeness of the profession is the bane and the leading mantra.

But things are changing. Two schools of thought are emerging: the ultra conservative older generation (perhaps?) of lawyers and the hungrier, savvier generation of lawyers who are willing to throw exclusivity of technical knowledge and the ultra conservativeness of the profession out of the proverbial window to be dashed to figurative pieces on the cobblestones.

Lawyers and law firms are descending into the battleground of marketing, strategy and market share equity gains over other firms, all of these things that were previously almost never talked about or whispered about in shocked whispers. And with good reason, too. Lawyers of the past saw the legal profession as just that: “the legal profession”. A new term has emerged: “the legal services industry”. I am an ardent supporter of the latter hypothesis.

Profession or Business?

The erstwhile boundaries between the legal services industry and other professional services has become a blur because of the speed and dynamism of business operations, the interdisciplinary nature and heft of professional services, and the incursion of alternative legal services providers-the ALSPs-into the core legal profession. We have the Big Four-the holy alliance of the leading Four professional services firms Deloitte, EY, PwC and KPMG-casting their sights and nets to the legal services industry as well. This goes to show that it is no longer business as usual.

“All this is emblematic of a changing legal industry- the by-product of the complexity and speed of business, shifting consumer needs, new skill-sets and elevated expectations of providers, and new buy dynamics. Law is morphing from a lawyer-centric guild to a customer-centric marketplace”, writes Mark A. Cohen, a law business analyst in a Forbes article.

 Mr. Cohen couldn’t be more right. If the dynamics of law practice has shifted from lawyers to the consumers, with the attendant result that legal services consumers now have an array of choices of legal services providers- smaller law firm boutiques, alternative legal services providers, or even managed services providers- to meet their legal needs at their price points. This effectively means that Law has morphed from a profession strictu sensu to a Business.

Lawyers can knock themselves upside the head with figurative batons, law school curriculum designers can huff at this thought, but it does not change that shifting dynamic which keeps shifting: Law is a Business. The sooner lawyers get themselves married to this new fact, the better.

Static Law or Interdisciplinary Law?

As earlier pointed out, lawyers are steeped in precedents and are literally averse to change mechanisms. However, with the swiftly changing gears of the business world, lawyers now more than ever, need to become thriving chameleons, changing as the business world around them changes. The dynamics of this active change requires leading in law through the deeper understanding of the larger business stratum.

To illustrate, banks are no longer just banks; they are now technological companies that provide a suit of agile services including but not limited to financial services. Oil and gas firms are no longer plain oil & gas outfits but “Energy firms” so they can reflect the shifting dynamics of business and pivot from one end of the business spectrum to another if need be, at breathtaking speeds.

To further illustrate, consulting firms are no longer just plain business consulting firms but are now “full-service professional service firms”, one-stop shops for large suits of professional service work covering the entire business operations of clients, from process improvement to change management, employee engagement advisory, to tech adoption and digital transformation . . . literally anything that will help them solve their clients’ business problems and bring about active change without the need for these clients to look elsewhere for any of the myriad services they need.

For law firms, how about becoming “consultants” instead of just plain lawyers? In the former role, a lawyer takes an all-encompassing pivot into the client’s operations. Little wonder lawyers are taking courses in Tech, Strategy, Management, Business, Enterprise Risk Management, all in a bid to become “insider” assets to clients and provide the best services they can render. Consulting firms caught on long ago. The leading professional services firms have bright lawyers in their employ and these lawyers are pivoting into Tax, Business Analysis, et cetera.

“We are building capabilities to deliver seamlessly across borders as a truly global legal service provider. The innovative, technology enabled and integrated nature of our services will disrupt the legal market as a whole,” Piet Hein Meeter, Deloitte Global Leader points out.

Perhaps the consulting firms are getting the idea right about interdisciplinary services more than law firms. They seem to have a better grasp of the larger spectrum of professional services needed to better serve clients while lawyers- in many cases- restrict themselves to just the “reactive” type of services they provide rather than the “proactive” type of services needed to aggressively manage functions.

Branded Focus?

What do lawyers want? What do law firms want? How do lawyers feel they can best meet client needs? The legal services itself is in constant disruption. Law firms are consolidating their forces to present stronger focal alignments when bidding for top client work (Aelex, Primera Africa Legal, TNP with its acquisition of Adebiyi Tax & Legal comes to mind). Some legal commentators are suggesting a relaxation of the Rules of practice for legal practice so as to enable “multidisciplinary participation” in legal work.

Conclusion

It doesn’t matter whether or not lawyers see the profession as a business or as a profession in the strictest sense of the word, but it bears noting that the legal services industry will keep changing. The Big Four are here, and they are offering what core legal services providers cannot guarantee: one stop shopping for professional services, including litigation support, mergers and legal advisory.

The breakneck speed of technological innovations has kept on propelling a forward push to tech adoption and alignment with professional services. As a profession, we have to move with the flow, or be overtaken and swept away. Law is a business and the future of the profession is hinged on a rethink of the practice models we are adopting.

Also Read: Erica Tavares: Passionate About A Greener, Better Future

Author: Kingsley Ugochukwu Ani is the head of digital media at Kabbiz, a law business development and law firm business analytics publication.

First published Kabbiz

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