Law firms are streamlining their operations. On a global level, top level law firms are opting for mergers to consolidate their positions. The new entities will have diversified talent and enhanced revenues. Top level Indian firms have started taking baby steps to consolidate so as to create specialized legal entities. They have also entered a hiring phase. They are expanding headcount. They are building capability in specialized practice areas.
They are investing in top level talent. The talent is required in niche areas. They are setting up verticals where they previously had limited preserve.
Seasoned lawyers are given a platform with deep pockets. They are given time to establish themselves. Routine appointments are made with an understanding that results will be shown in a short period, say one year. This strategy gives the firms readiness to deliver.
In large and complex assignments, the size and scale of the firm matters. The consolidation happens two ways — organic expansion and inorganic lateral hirings. Some lawyers are made equity partners through lateral route. The compensation structure rewards merit and performance. The talent compensation is fair and transparent.
Future belongs to those firms that build up scale and depth.
Leave a Reply