The human capital
by ilaria iaquinta
While artificial intelligence is gaining momentum in the legal world, prompting experts and industry commentators to question the future of the legal profession considering its affirmation, people continue to be the key element for law firms. Retaining and motivating the talent that best align with the organisation’s culture is the top concern for business law firms.
This was revealed in a survey conducted by Iberian Lawyer on the top 50 Spanish law firms by revenue, on which you will find a dedicated article in the pages of this first issue of 2024.
The battle for talent is not a new narrative, it’s true, but the legal sector grapples with a rapidly and unprecedented evolving professional landscape. At the heart of this challenge lies the delicate balance between attracting fresh talent and retaining the seasoned expertise that forms the backbone of any reputable law firm. Legal careers are influenced by a myriad of factors. Lawyers often navigate between firms in search of better harbours, this is both an opportunity and a threat for any organisation. Legal prowess is a dynamic force that propels a firm forward. As a result, talent retention is about preserving the institutional knowledge, fostering mentorship, and creating a culture where legal professionals thrive. The culture plays a pivotal role in talent retention. The shared values, the sense of purpose, and the collective identity that transcends individual legal expertise are the intangible threads that bind legal professionals to their firms Fostering a supportive and inclusive workplace culture and investing in professional development and mentorship programs are essential moves. But will they be enough to be sure that legal practitioners will stay within an organisation? What changes should be done to adapt to the changing expectations of the new generation? In the next few years, law firms will need to craft bespoke approaches to meet the unique needs of their lawyers. Indeed, the human element, still seems to take centre stage, reminding that success is not merely measured in cases won but in the legal minds nurtured and retained.
Speaking of talent, in this issue we also feature the top 50 lawyers who have left an indelible mark on the Iberian legal market in 2023. Then, the magazine delves into a spectrum of legal topics and notable achievements within the legal realm. We explore the ICAM Foundation’s refunding project, talk about trademark and brand protection, underline the strong relationship lying between sustainability and corporate legal department, cover the strategic alliance between Auren and Cerejeira Namora Marinho Falcão and Pérez-Llorca’s entry into the Portuguese legal arena. The editorial team engages in exclusive conversations with General Counsels from prominent companies such as Telefonica and Microsoft. For legal professionals seeking insights into compensation trends, there is an article presenting Taylor Root’s in-depth salary guide for in-house roles. As usual we have a finance section, which in this number consist of an interview to Noelle Cajigas from KPMG. The magazine concludes with a spotlight on the LATAM Awards, held last December 13 in Sao Paulo to celebrate the excellence in the legal field across Latin America.
