Notes on the future of Big Law Firms

Implications for General Counsel

To extent to which there is an ‘old guard’ (with BigLaw DNA) and a ‘new guard’ amongst GCs was discussed; the consensus and evidence suggested ‘yes, there is’. Implications include willingness to use NewLaw firms with British Telecom appointment of Axiom for anti-trust work being cited as evidence of the latter.

Recognition by BigLaw of what client GCs define as law firm expertise in their businesses and industries was recognised as a major opportunity for those firms who deeply understand how to align themselves with clients. The power of being differentiated in this way is rewarded by mitigating price-down pressures exerted by clients.

This led into a discussion of the merits of law firms managing, or at least co-managing, the whole legal supply chain as Seyfarth Shaw is already doing.

New, and not-so-new, competitors