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As the legal services world has emerged from the disruptions of the COVID-19 pandemic, we continue to observe an unusually high degree of "churn" in associate and partner movements in legal markets worldwide. In most instances, compensation has been a significant factor in these departures, although not the only one. Remote working during the pandemic opened new opportunities for discrete lateral recruiting, with the "losing" law firm not finding out about someone's decision to leave until it is too late. Larger law firms with more resources, especially in the United States and United Kingdom have been drawn into what appears to be an ever-escalating bidding war even for newly-qualified lawyers.

Saudi Arabia is in talks with Sweden to develop a joint economic action plan for 2023 to bolster trade and investment relations between the two countries.  

-- Arab News, 5 January 2023

 

A report from the American Bar Association suggests that the demand for lawyers, at least in the United States, might have begun to subside. 38,020 students started their first year of law school during the fall 2022 term, compared to 42,718 in 2021, according to the report. Meanwhile, there has been a significant increase in enrollments in non-J.D. programs.

Planning Now for the Next Crisis

Even the best business strategies can be knocked off-course, or sometimes even wrecked, by a crisis that the law firm only vaguely anticipated, if at all.

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Here are two resources to help intellectual property practices capitalize on opportunities for improved profitability through the outsourcing of tasks and functions currently performed in-house.

Prague Astronomical Clock by Andrew Silva

A highly effective way to find breakthrough solutions to seemingly insoluable problems today is to "travel" into the future and look back at them.

a new way to look at and improve the way you work

A lawyer's time is the most valuable asset in any law practice of any size anywhere in the world. Yet, lawyers report an almost continuous sense of frustration that they are not as productive or efficient as they believe that they could be.

 

 

"The reports of my death have been greatly exaggerated."

--- Samuel L. Clemens
(a.k.a. "Mark Twain")
(American humorist and author, 1835-1910)

public domain image: Paul Klee, With the Rainbow (1917)

The old excuse, still heard in many law firms around the word, that "diversity is not a priority for our clients or our firm" is not only misinformed, but in some cases could be a formula for long-range failure.

public domain image

Although law firms today face a seemingly vast array of strategic, operational, and management challenges arising from the globalization of the legal services industry, there are at least five emerging trends that characterize law firms that are successfully building profitable cross-border and multinational practices, even when based in only one office or country.