Carbon strategy and sustainability are no longer the preserve of large national law firms and mid-tier firms need to consider their response, Grant Thornton director Bill Shew has told ALB.
"The big conversation we'll see is whether or not specialisation is really the play of the larger firms," said Shew. "Larger firms are in that space because the demand was from their client base, the larger organisations. The carbon tax is pushing that down to every business, which means the mid-tier firms are going to see more demand for [carbon] advice."
Shew says that mid-size firms are at a cross-roads. " They need to think strategically about whether they want to play in this space," he said. "If they don't, that's fine but they need to understand the implications. In essence, they may be opening the avenue for other firms to take that space."
Shew says that while the large firms have already established themselves in the carbon and sustainability area, there is still an opportunity for mid-size firms to take the 'first mover advantage,' whereby the first firms to embrace the area will gain longer term ascendency. "One or two mid-tier firms are already in this space," he observed. "I still believe there is an opportunity for the mid-tiers to make a mark, but they have to do so relatively quickly. Definitely the mid-tier space is there for the taking."
Shew names contract review and reporting and disclosure as some key areas of legal work likely to arise from the tax.