“We are pleased that the worst outcome – no deal – has been averted,” said David Greene, president of the Law Society of England and Wales (LSEW), in an article on 4 January 2021 in the Global Legal Post..
But the full implications and impact of the recently signed Brexit trade deal are not fully known. Even when the worst outcome does not result, the circumstances and forces that shape a law firm's strategy to cope with a changing market might itself need to be updated to meet the new realities.
Law firms of all sizes, but particularly regional firms with cross-border practices, should examine -- and even challenge -- some of the assumptions that had guided their strategic thinking in the past, no matter how successful they might have been. The paradigms might have shifted, and law firms that do not detect and respond to those shifts will almost certainly be left behind in a rapidly evolving market for cross-border legal services and to clients with international business interests.
Click here to read the article in the Global Legal Post.
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