An interesting article appeared recently on www.law.com which reported on a debate held between a number of US-based in-house counsel and a group of lawyers from some smaller, boutique firms.
One of the delegates highlighted the problem very succintly: "I don't think anyone is saying law firms can't provide efficiency, but their business model is structured so that inefficiency is encouraged," said Susan Hackett, the general counsel of the Washington, D.C.-based corporate counsel association. Reflecting the remarks from the group, she said the big law firm model focuses on hours billed rather than efficiency and results.
Now more than ever with clients becoming increasingly critical buyers of professional services, firms can't hide behind the veil of history. The fact that firms have always operated in a certain way is no justification for them to continue to do so in the future.
And just because some of the world economies are (allegedly) beginning to move forward again, albeit rather gingerly, firms should not believe that the pressure from clients seen in recent months when things have been really tough will simply evaporate as the markets improve. The scars created are deep, and many believe that the professional services world has been changed for ever.
The larger the firm, the more difficult it can be to introduce change. Mid-sized firms, such as those within MSI Global Alliance, are better placed than most to adapt to the brave new world and provide those entrepreneurial clients with the type of service that they need, at an appropriate cost. The challenge now is to capitalise on those opportunities.
James Mendelssohn (jmendelssohn@msiglobal.org)
www.msiglobal.org
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