From a business perspective, I’m fascinated by change. It often arrives with opportunities, and even when we get a little roughed up by competitive, market or technology changes, we’re generally better off for navigating them. Change makes us stronger – more resilient and more confident. As a leader of an information and technology business, I also believe change gives us an opportunity to solve entirely new challenges for our clients.
The overall market in legal services is healthy. But not for everyone. The law firms, corporate and government legal departments, alternative providers and legal start-ups who are succeeding in this increasingly competitive market are the ones most open to change – rethinking business models, client relations, career paths, and adopting cutting-edge technologies that can help enable transformation.
In this issue of Forum, we spend some time with these change leaders, hearing, for instance, how West Coast law firm Fenwick & West created a lower-cost firm within the partnership to address the needs of its more price-conscious clients and attract new business. We hear from Reena Sengupta, founder of FT Innovative Lawyers and owner of RSG Consulting, as Jan-Coos Geesink, managing director of Thomson Reuters, Legal, UK & Ireland, interviews her about innovation in the legal industry and what it takes to be an innovative lawyer.
We also get to observe a fascinating conversation with Kirin Kalsi, Head of Legal at energy giant E.ON UK, and Jonathan Fortnam, relationship partner at Pinsent Masons, about the company’s move to a single external legal provider and what Pinsent Masons did to become that firm. Ranajit Dam, managing editor of Thomson Reuters Legal Media Group, reports on an Asian Legal Business survey of 200 Asia-based corporate legal professionals about trends in how legal work is being staffed and budgeted for, as well as how they choose outside counsel. And Kingsley Martin, founder of KMStandards, has done considerable research on artificial intelligence, including the many aspects of technology that make up AI and how it could impact the legal market. And those are just some of the highlights in this issue.
We’re all shaped by change and by the innovations that change demands. It’s clearer than ever that the firms and organizations with a culture of experimentation and adaptation are the ones rewarded in a transforming market.
I hope you enjoy this issue and find something that inspires change in how you work. As always, we’d love to hear your thoughts at firstname.lastname@example.org.