Recently two Beatons principals gave a presentation at a Lexis conference and gave their thoughts on the state of the legal market for the next year. Some highlights:
- An international merger will not inexorably lead to better quality work
- Internationals must prove they can deliver superior value to domestic firms, or they won’t attract and keep talent
- There is a question mark about client value, particularly for local clients
- Distractions of merger implementation are a concern to clients
- Managing post-merger global conflicts and loss of local client focus
- Internationals are attacking high value work
- Mid-tiers are squeezing margins
- Can these firms retain a leading position – and price premium – without internationalising?
- Retaining the best work, and therefore the best partners
- Being tempted to chase revenue down the value chain
- Picking up talent from the Top-tiers – but need to ensure top quality
- Quality of work and client service still lag Top-tiers
- Expect fall-out from the Internationals vs Top-tier battle for clients and staff
- Will success come from growth or from greater specialisation?
Read more about their assessment of the legal market here.
What’s your take? Is 2012 looking better or worse for mid-tier and top-tier recruitment and growth compared to last year?