Law firms need to take a greater interest in their clients' business if they are to prove their worth to corporates. A snapshot poll has revealed that the single most important way to impress a general counsel is to demonstrate commercial awareness. However, only 16 per cent were interested in law firms offering broader business advisory services. General counsel were also asked their views on the law firm of the future – the majority wanted improved customer experiences and a better attitude from law firms on costs and service. Law firms were slightly more cynical when asked for their views of the law firm of the future. One partner from a global firm described it as a 'mythical beast. The aim is the same - to make money from clients.' The results of the research will be revealed at the GC Futures Summit on 9 November.

Cost and efficiency

General counsel put cost and efficiency high on the wish list when describing the law firm of the future. It ‘should be more cost-orientated and deeply specialised in its clients' business,' according to one energy general counsel. A financial services lawyer felt the approach by law firms should be: 'People first, money second. Sharing risk with clients, automated offerings, real time support, fully transparent. Reimagined fee arrangements -value based.' Another commented: 'The fee should reflect the value to the business. The value of all advice is not the same; the same hourly rate should not apply to all work.'

True partner

One corporate counsel viewed the law firm of the future as 'a virtual outsourced function', while another described it as 'a true partner of the business.' A number used the words 'cost-conscious' and 'flexible.' According to one general counsel,  the law firm of the future would have a 'large global presence, but smaller focused teams specialising in discrete practice areas. New, sophisticated technology will replace all but the most creative and innovative lawyers.'

The law firm response

However, law firms may have a different view to their clients on the matter. A law firm partner, in response to the question, gave his view of the law firm of the future as: 'Large, unmanageable, lacking clarity of services and a blurred set of messages to its customers. Higher gearing. Poorly managed. Still profitable.' Another commented: 'That wonderful, imaginary, never-to-exist law firm would have figured out a business model that encourages the lawyers to collaborate in an effort to serve clients. It would remove billable hours as a measure of any value whatsoever, so that lawyers could spend the right amount of time and effort that a matter deserves. Every lawyer would be technologically conversant in current software and the law firm would have embraced the use of unbundling services, so that either AI or other vendors would handle those tasks that humans need not handle. In addition, costs would be clearly delineated in advance so that the client could make informed decisions about whether and/or how to proceed.'

GC Futures Summit

The poll is being conducted by the Global Legal Post in association with Integreon and results will be available at the GC Futures Summit in London on 9 November. For information, contact benmartin@globalcitymedia.com.