Law Firm Leadership - How to Adapt and Thrive in a Changing Market

Law firms have performed well in recent years, even during a global pandemic. However, as the global economy starts to slow and as the legal market continues to transform, law firm leaders naturally question their firms' resilience. How well will our practice mix protect us in a down economy? We've competed aggressively for talent in a competitive market, but how can we maintain margins if we're suddenly burdened with expensive under-utilized lawyers? How do we resolve the growing tension between practices with large differences in billing rates? How ready are we for the retirement of our top rainmakers?

 In this session, management consultant and former CEO Tim Corcoran will share insights about the predictability and inevitability of the disruptions in the global legal marketplace, I particular how these changes are excellent news for law firms. Tim will "connect the dots" between client demands for lower or non-hourly fees, the rise of project management and process improvement, the changing definition of quality, the growing involvement of procurement and legal operations professionals in sourcing law firms, the role of technology, competitive threats from non-traditional providers of legal services, and the impact these changes have on law firm finances, particularly pricing, profitability, and partner remuneration. The objective of the discussion is to highlight how law firms can adapt smartly and strategically, relying on expertise rather than cutting costs to boost profits and create competitive differentiation. The opportunity to adapt and thrive has never been greater because the cost of doing nothing has also never been greater. Tim will share his insights in an interactive and lively discussion where he welcomes your input and your challenges.

1.       Understand how the global legal market continues to evolve, with a particular emphasis on law firms that operate across borders but not on the scale of the global elite.

2.       Look at the firm's internal KPIs in a new light to reveal neglected opportunities that have been there the whole time  

3.       Motivate lawyers to adapt despite their desire for autonomy and a rewards system that limits change

4.       Translate expertise into a sustainable competitive advantage through economics, not marketing

5.       Leverage the Terralex network to better adapt and thrive in an ever-changing global marketplace