Differentiation by design – find out more with Thomson Reuters
Clients are clear in their preference for law firms that are particularly business-savvy — capable of giving advice that’s not only timely and accurate, but also attuned to the client’s broader business goals. In fact, clients in the UK express a desire for this quality in their outside counsel more than in any other region in the world.
Understanding the business, the sectors in which it operates, and an ability to apply legal perspectives to a commercially applicable output, are all vital to general counsel in the UK. And ultimately, this is now how many law firms are differentiating themselves in a heavily competitive market.
That’s not to say expertise is unimportant — it’s essential for a firm’s success – however, it’s not a unique selling point.
Generative AI (genAI) will create an additional competitive differentiator. Both corporates and law firms will get faster and more efficient at accessing and applying information, making it more of a commodity than ever, and potentially making the idea of a traditional law firm redundant.
Standing out from the crowd will require clear alignment between the client and the market, with the law firm facilitating a clear connection between the two. To accomplish this, firms must understand their clients’ priorities from the very beginning.
Read more on Briefing: https://mag.briefing.co.uk/2024/05/29/partner-live24-thomson-reuters/content.html
