The Law Firm of the 21st Century Reports 12 Feb 2008
International law firm Eversheds commissioned RSG Consulting to give them a detailed analysis of what the law firm of the future might look like. The resulting research was featured in the ‘Financial Times’, the ‘Evening Standard’, ‘Daily Telegraph’ and ‘City A.M.’
In a unique 360 degree survey, we conducted 100 interviews with top partners in the leading UK law firms and with in-house counsel in major corporates and investment banks. We asked both private practice partners and in-house counsel to reflect on their respective roles and relationships over the past 10 years and to predict future trends.
In looking at the shape of legal services in 10 years’ time, we found some fascinating disconnects between the two sides of the client-adviser relationship. For example, whilst over half of in-house counsel interviewed said providing value for money was their greatest challenge, only one fifth of partners recognised this as the greatest pressure on the relationship.
And with 34% of in-house counsel planning to buy services outside the ‘magic circle’, we found that the days of the magic circle hegemony may well be numbered.