Clients have more choice in service providers than ever before, and the market is filled with high quality, highly skilled law firms. So in a world where all law firms basically offer similar services, how do you differentiate yourself from the competition?
While law firms are still very much focused on only offering the traditional career path to partnership, Generation Y’s associates aren’t getting what they want. They see their future in terms of building life skills and a career portfolio, and not necessarily becoming a partner. If the career model doesn’t adapt, therefore, law firms could find themselves running low on talent, and future leaders of the firm.
In this world, they say, you don’t get something for nothing. So when Portugal was given its bailout by the Troika, there were bound to be a long list of repercussions. While crippling austerity measures were expected, there are some lesser-known provisions whose potential impact is just surfacing.
Desperate times call for desperate measures – or so we are led to believe. In the short-term, tactical solutions may seem attractive. But in the long-term, they can harm not only law firms that are using them but also the overall market for legal services.