Apart from assisting members in connecting with their peers across jurisdictions, law firm networks are also helping them upgrade their skills and preparing them for a fast-evolving international business environment.
In an international business environment that’s increasingly marked by uncertainty stemming from geopolitical events, the certainties and partnerships that businesses can create for themselves without relying on government intervention or international trade agreements are key. And this is where legal networks come in, as they present a real opportunity for independent law firms to forge their own path to success.
Many clients today are looking for genuine local expertise in every jurisdiction in which they operate. While legal networks continue to connect clients with legal advice and solutions across a wide range of geographies, they are also helping their members to improve their skills and adapt to the demands of a fast-changing world.
UPGRADING SKILLS
Legal networks are helping Asian law firms ramp up their skills in order to stay up to speed in a fast-changing market.
For example, Lex Mundi has kicked off an initiative that offers member firms in the region with individualised support to boost their knowledge management systems. “Through this initiative, we provide an expert in knowledge management who advises firms on how to meet their particular knowledge management challenges. We back up this individual support with KM Central, a centralised online platform that allows firms to share information and receive knowledge management advice from other member firms throughout Lex Mundi,” says Carl Anduri, the network’s president.
Lex Mundi has also recently launched Technology Central, a platform that informs members in the region and globally about the latest technological advances that are relevant to law firms.
“We also provide exceptional skills training opportunities through the intensive week-long programmes of the Lex Mundi Institute. They cover a wide range of areas, including business development, project management, talent management, client relationships, communication, writing and drafting, and other skills,” Anduri adds.
Member firms also get to best practices guides, webinars, workshops and roundtables to support their efforts at developing their project management skills, enhancing their knowledge management capabilities and creating programmes to obtain client feedback in more efficiently. “All of these are in addition to the full range of programming available to our member firms at our regional conferences,” he says.
However, it’s not only about what the network can offer to the Asian member firms, but also what the firms can bring to the table and share with other members.
“Our selection process is rigorous, and we only accept the best,” explains Shuichi Namba, APAC chair of global legal network Interlaw. “Interlaw prides itself on the collaboration between firms across countries and continents. Our firms have chosen to work together and be part of something bigger, so there is a genuine spirit of collaboration and enthusiasm among them, which can often be absent from firms forced into international mergers or ‘best friends’ arrangements,” he notes.
Interlaw also offers opportunities for member firms to work together through a variety of initiatives, conferences, and collaborative business development projects. Lawyers are encouraged to participate in international special business teams in their specialist areas of law to share legal and business development expertise, promote best practices as well as to network together and with clients. “Our lawyers know and like each other and become familiar with the capabilities of fellow member firms. A foundation of trust ensures that their clients will be serviced with the highest level of competency and attention,” Namba says.
Today, many Asian firms are leading the way in terms of technological innovation and client development within the network. As Adam Cooke, Multilaw legal network’s executive director, says: “I recently had the chance to see a demonstration of the CRM system used by our China member JunHe, and it was the best I have ever seen anywhere in the world. We invite leading consultants to speak at our Multilaw conferences on an array of issues ranging from pricing strategy to artificial intelligence (AI) which is of interest to and could benefit all our firms around the world.”
EVOLVING EXPECTATIONS
As elite legal networks have become more sophisticated, the expectations of member firms have also evolved. Inevitably, priorities among firms in the region differ with respect to the skills that they wish to further develop, primarily as a result of each jurisdiction’s level of industry liberalisation and access to technology, as well as how that fits into each firm’s strategic priorities.
Gone are the days where membership of a club-like network was just a badge to put on a website or a logo to add to your email signature or letterhead. “Asian law firms have similar wants and needs from membership of a network to our other member firms. Sharing knowledge is of vital importance, as is absolute trust in the capabilities and the ability of other member firms to deliver when working together,” says Namba of Interlaw. “Moreover, of greatest significance to our members is the ability to maintain independence – many firms that want to expand internationally prefer the network model, as they can retain their independence without the risk of losing their agency and identity when becoming a local office of a major law firm brand.”
Another expectation that member firms is the ability to share and access best-in-class practices among member firms. “We are unashamedly a referral network,” says Multilaw’s Cooke.
He continues: “Our members expect referrals inwards from other network members and to be able to refer outwards to trusted colleagues around the world where the needs of their clients demand it. We are clearly able to monitor the referral activity for each firm to demonstrate that the network is working for all of our members. Although the balance has shifted somewhat, of late our Asia firms still expect a healthy flow of inward referrals to their jurisdictions from Europe and North America.”
STRATEGIC OFFERINGS
The legal landscape has changed as the result of growing competition and the necessity for greater efficiency and cost containment. In light of these, legal networks are zeroing in on skills that support business development, project management, process improvement, and pricing. “ To maintain competitiveness in the region and maintain high standards,” says Anduri of Lex Mundi, “lawyers’ skills must be exceptional, both in their field of legal practice and in their individual professional capabilities. We provide professional development programmes to address these expectations.”
Namba adds that Interlaw is developing more innovative digital solutions, including a digital client management and feedback system tool.
“A robust process for tracking referrals has always been in place, but we are now monitoring and analysing more data to build a detailed picture of how work flows around the network. We have also focused on building Interlaw’s brand internationally through marketing and PR activities.”
Moreover, networks are no longer simply referral networks. Top legal networks are now well equipped to compete with the global law firms on winning multijurisdictional work.
“We actively target and pursue new clients as a network and believe that networks like ours offer a compelling alternative to the single law firm model. We have a global coverage in over 100 countries that cannot be matched by even the largest of law firms as well as local knowledge that is firmly embedded in the markets we operate in,” says Cooke.
Multilaw has invested heavily in technology over the past few years, positioning itself to take full advantage of potential business opportunities.
“We launched an online referral reporting system in 2015, which tracks data including client names, industry sectors and billing fees, enabling us to spot cross-selling opportunities across the network and identify trends so we can be more strategic in our future business development investments,” notes Cooke.
FUTURE INITIATIVES
In addition to focusing on project management, knowledge management and talent management, legal networks expect to expand their focus on the use of technology, artificial intelligence and cybersecurity in the legal space.
In some instances, there could be up to a dozen jurisdictions involved in a transaction, so the ability to quickly and easily track the quality and progression of projects will help members deliver seamless service to clients.
“We continue to develop and invest in our new online digital directory and referrals management tool,” says Namba. “It has the capacity to hold more than 10,000,000 individual data records, along with a bespoke client management and feedback system. It will allow member firms and clients to manage their referrals in real-time, while enabling members, clients and the organisation to get instant feedback on project delivery and quality from both fellow member firms and clients.”
Going forward, legal networks will continue to broaden its service offerings with a standardised pricing model and single billing options.
“We are also developing our key client account management programme, which will see clients working with Multilaw firms regularly providing feedback to the Multilaw global office or lead firm client partner,” says Cooke. “In turn, this will give us a greater understanding of the client’s needs, helping us build stronger and long-term relationships.”
