Institutionalization is key for law firms seeking to transcend their current leaders and leave a legacy for new generations. As a law firm, you must take measures to eliminate the possibility of a data breach by ensuring that your information including personal data is secure. Expect top-flight firms to get employees back to the office full-time as soon as possible. In the recent case of HMRC v Development Securities, the Court of Appeal (CA) considered the tax residence of three Jersey-incorporated subsidiaries of a UK company. Current Trends and Key Factors Affecting the Hong Kong Legal Market ... Corporate and commercial legal professionals with experience in listed companies and intellectual property/trade mark/brand protection/prosecution will be highly sought-after by companies in the commerce sector. Downturns accelerate long-term secular trends. These can be implemented by HR specialists in employee engagement, who determine and “sell” to the partnership the appropriate scope for talent development and agile working schemes. regulatory and technological) in the legal industry. If a candidate can demonstrate that they can identify problems that a company might encounter and display their knowledge of how future events could impact the … ... has put a premium on staff issues ⦠Problems around remote work, staffing and business development were readily dealt with in 2020, but they will remain, in different forms, in 2021, adding to the challenges firms are facing. This ... law firms have seen a dramatic negative impact on their cashflow. In the same survey, 60% of the firms reported having suffered a security incident in 2018 making cybersecurity a major concern for many law firms. Freshfields Bruckhaus Deringer managing partner Stephan Eilers: The fragmentation of the legal market and the decline of the institutional relationship. TLT managing partner David Pester: Having the investment capacity to innovate and compete in an increasingly diverse legal market place is perhaps the core challenge facing law firms today. Unsurprisingly, insolvency and restructuring enquiries have been a major focus area for law firms over the last few months, as have questions from clients regarding furlough and employment. Staying at the forefront of that regulatory landscape creates both a significant challenge and opportunity for law firms. Firms also reported malware attacks, network intrusions, and the loss of information through leakage and staff incidents. One of the most important factors is the introduction of cheap, DIY legal services that are driving potential clients’ cost expectations and the perceived value of legal expertise down. Law firms can adapt and, in doing so, can set themselves apart by embracing a changing workforce – one that promotes flexibility. Enabling tax and accounting professionals and businesses of all sizes drive productivity, navigate change, and deliver better outcomes. As part of The Lawyer‘s annual Managing Partners Dinner we asked a few of the attending managing partners to share what they consider the biggest challenge facing law firms today. Claims management is becoming more complex. The virtual meeting also eliminates travel time and costs making virtual law firm even more desirable. The Lawyer understands that the line-up includes three London partners and two international ones, in Hong Kong and Germany respectively. If you continue browsing, we assume that you consent to our use of cookies. This enhances mobility; hence, greater flexibility. Some major firms are operating 24-hour hotlines to deal with the massive levels of client demand. We specialize in unifying and optimizing processes to deliver a real-time and accurate view of your financial position. The promotions will be coming into effect at the start of the financial year, on 1 April. I have a huge interest in employment law so a lot of the issues and challenges I am aware of are to do with employment law, but I know this is not good enough so I was wondering what are some general issues that are affecting the majority of commercial law firms. In the wake of all the uncertainty caused by Brexit, clients are flocking to their solicitorsâ offices for advice. We are seeing rapid change as a result of the increasing globalisation of a technology based world combined with unprecedented geopolitical and economic turbulence. There are many talented lawyers who want to get to the top of their profession. DAC Beachcroft managing partner David Pollitt: There are many challenges facing law firms today, a number of which have been in play for some time. Deregulation of the solicitorsâ profession The conference will feature panels discussing current legal and business issues in Olympic and international dispute resolution, the third edition of the WADA code, the NCAA infractions process, current litigation in collegiate athletics and current legal and business issues in collegiate athletics.
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