Beaton’s Mel Chee Discusses the State of the Legal Profession

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:

Internationals

• 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

Top-tiers

• 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

Mid-tiers

• 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?