Video: The New Legal Landscape Facing Large Law Firms

Topics: Diversity, Law Firm Profitability, Law Firms, Leadership, Legal Innovation, Thomson Reuters, Videos

A new Thomson Reuters‘ Answers On video features Paul Rawlinson, Global Chair of the international law firm Baker McKenzie, and Charlotte Rushton, Managing Director for Large and Midsize Law Firms at Thomson Reuters, discussing the changing landscape facing law firms.

Rawlinson describes his firm’s common purpose of helping their clients navigate complexity while focusing on technology challenges, talent retention and strengthening client relationships.

Rushton addresses the pressures on large and midsize law firms as their corporate clients bring more work in-house, turn to alternative legal services providers, and request alternative fee structures to lower costs. Law firms which adapt to these changes, Rushton said, are thriving and freeing their attorneys to focus on delivering higher-value work.

Rawlinson also says law firms would benefit by sharing best practices for cybersecurity, as it’s clearly a shared threat. Rushton offered that cloud-based providers are becoming increasingly vital for the industrial-strength security that law firms require.

Addressing another strategic priority, Rawlinson identified diversity as “a big driver internally.” Rushton acknowledged that, in general, law firms have not yet replicated the racial and gender diversity progress achieved in recent years by in-house counsel.

In closing, Rawlinson noted that the rising millennial generation is a great source for driving innovation within Baker McKenzie.