For a couple of years even the big boys in the legal profession have glimpsed over the precipice and the view below has not been attractive. Heads down, it has been a period for introspection and cost cutting, but it is now time to wake up.
A sign of returning confidence is that they are starting to increase the number of universities they target in the search for new talent.
Some of the additions are due to firms trying to improve diversity, particularly in the wake of Lord Browne’s review of student funding, which will allow universities to charge fees of up to £9,000 each year – a decision which could see more students choosing universities closer to their homes in an attempt to reduce debt. Other firms are rebuilding their campus links after scaling back due to cut costs during the downturn.
Part of it is as a hedge against loosing pipeline managers frustrated at the lack of progress after 5 years or more of post graduate qualification. Some attrition is inevitable, but trying to serve the twin masters of the client and the managing partner often leads those around 30 to look at a life style change in order to become masters of their own dynasty. This trend has in turn been slowed during the recession as Lawyers are not renowned as risk takers but as markets improve they will be looking around for alternatives.
Taking advantage of technology and modern communications means that a lawyer can as easily be home based rather than having to sweat their way into the City and this has a lot of appeal.
It is a time of flux and change in the law profession and we have even heard of one firm keen to visit clients.
Whether the truly entrepreneurial reaches the sector only time will tell but any lawyer out there not adopting modern techniques will need to adapt or die.
This is a wake up call for Lawyers. The world has changed
Author: Chris Slay
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