Walker Clark
Worldview Archives
The International Challenge to Asian Law Firms
As international law firms from outside the region become more deeply embedded in the legal markets of Asia, the leading local and national law firms, which previously may have held relatively secure market positions, must respond quickly and accurately to these new competitors, or face relegation to the lower, less-profitable levels of the market.
Five Asian Legal Markets to Watch: Vietnam
Vietnam will experience substantial growth in its economy and legal market in the next five years. In our view, it already is a "must be there" location for any international firm that is seriously interested in developing a Southeast Asian practice, especially law firms based in other parts of the Asia-Pacific region.
We also expect that a group of well-regarded independent Vietnamese law firms can continue to compete effectively against the local offices of foreign law firms.
This is the second of our series of briefings on high-potential legal markets in Asia for the next five years.
Preparing for the Trojan Horse
As reported recently in this blog, Indian lawyers anticipate a liberalization of restrictions on foreign lawyers and law firms in the near future; although the concept is not without opposition from some members of the profession. Walker Clark clients elsewhere also have had to respond to the effects that the entry of foreign lawyers and law firms have in markets that previously were largely insulated, either by local market conditions or by regulatory design, from foreign competition.
Our experiences advising national and local firms in these markets suggest five basic questions that lawyer and law firms should ask as they start planning to meet these new competitive challenges.
Innovation and Competitive Advantage
For law firms, true innovation requires much more than wishful thinking powered by determination. It requires a solid business rationale. It also can be very hard work.
Coming Soon to a Law Firm Near You: Artificial Intelligence
As the next step in the evolution of knowledge management in law firms, AI promises to allow seismic shifts in practice management and profitability for law firms of all sizes, not only for large firms, but especially — repeat especially — for small and midsize firms that want to remain competitive while continuing to deliver the highest quality in legal services.
Social Media: a Two-Edged Sword
Although there are a limited number of situations in which social media can be a useful part of a law firm's marketing tactics, social media also present serious risks for managing partners and other prominent lawyers whose firms depend on their market presence and reputation.
In short, social media can make you look ignorant, intellectually eccentric, or just plain silly.
Market leaders lead the market.
When a group of law firm partners discusses significant possible changes in their firm, at some point one of them often will say: "But no other firm in our market does this..."
My colleagues and I usually have three responses when we hear this from one of our clients.
Big Ideas
This is the time of the year when some law firm partners start thinking in bold terms about possible strategic opportunities. One of the most frequent of these "big ideas" is the creation of a new practice group or industry sector specialty.
Some of these ideas succeed, but most fail.
