The challenge of a new economy and the impact of the global recession on law firms
The financial crisis had a dramatic impact on the global legal community. Traditionally, most law firms have been adverse to change, but global expansion and the increased use of technology to drive efficiency meant that law firms have been forced to adapt to a rapidly evolving and increasingly commercialised environment.
Research by magazine Legal Business in 2007 found that the leading concern for law firms in the new economy was the number of new risks they faced. Four out of five of the top 100 leading UK law firms believed the recession has increased the number of risks they face.