Download – Canadian Law Firms
“[Law Firms] have not adopted basic tools used by effective businesses…such as sophisticated strategic planning.” That is a recent quote by the general counsel of one of the largest companies in Canada.
Those sentiments are shared by many other general counsels of large Canadian companies, spanning many different industries. These quotes are calls to action from the most sought after clients for almost any Canadian law firm. The problem is that law firms are not listening.
The clients are calling on Canadian law firms to change their service delivery models in order to satisfy clients’ evolving needs.
We have already seen departmental budgets of in-house counsels increase substantially over the past few years. This means that they are able to hire talented lawyers – many from private practice law firms – that can carry out complex legal projects previously earmarked for external law firms.
Not only are law firms losing some of their most talented associates who choose not to follow the “partnership track”, but they are also losing mandates that, in the past, were considered guaranteed revenue.