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Research suggests that there are gender differences in business
development. Regardless of industry, women tend to develop
relationships for the intrinsic value of those relationships, while
men do so for the potential yield those relationships may bring.
Men approach prospects with the goal of obtaining business, whilst
women's goal is to build ties. A gross generalization? Maybe. But
the fact is, there are still far more men in partnership and
leadership roles than women, and business development - the people
you know, your order book, and your ranking within an organization
- is key to that. The book features multiple contributions from
women across the globe, looking at the skills and techniques,
experiences and talents that female lawyers use to develop their
practices and grow their order books, acting as both inspiration
and motivation to its readers. Developing successful, authentic,
out-of-the-box business development strategies in a largely
male-dominated profession is a challenge for many women lawyers.
Where many senior partners have developed business by playing golf
or taking their clients for cigars and steaks, women need to find a
different way to develop business based upon their own personal
interests and strengths.
The COVID-19 pandemic has undoubtedly had a seismic and lasting
impact on how the business of law is conducted. Whilst 2020
certainly expedited changes that were already trending - flexible
work schedules, fully-remote offices, revised resource allocations,
new client expectations - it also forced firms to adopt practices,
methodologies, and strategies that pre-COVID they insisted they
could not. These changes are not only here to stay but have become
the expectation. Law firm attorneys, staff, and indeed clients are
no longer interested in a traditional office, nor the practices
that typically occurred within them. The modern law firm needs to
evolve with both employee and consumer expectations in order to
stay abreast with the post-pandemic world. The Post-Pandemic Law
Firm looks at how law firms can make a paradigm shift, adopting an
entirely new business model that focuses on providing outcomes,
outputs, and results to their clients and internally places the
wellbeing of their team as a cornerstone to the future long-term
success and sustainability of the legal profession. Chapters
include changes to business models, virtual and remote working, how
the pandemic has affected women in the profession, the future of
dispute resolution, M&A activity and changes to pricing models
- all authored by highly respected practitioners in the modern
legal system. For those law firms leaders and lawyers that realize
a 'return to normal' is exactly the wrong approach, there is an
opportunity to create a brighter future where work-life balance,
market innovation, and smart use of technology will define the law
firm of the future.
Legal services providers today need to innovate in their business
models, delivery methods, and moreover in their value propositions
in order to compete against competition coming in all shapes and
sizes (and from unexpected quarters). New Directions in Legal
Services examines the fast pace of change in the legal services
sector, driven in part by new technologies, and considers what the
future holds. We also look at some examples of new business models
and service delivery methods that are disrupting the market, and
the new approaches to pricing and profitability that are necessary
to support new ways of working and delivering legal services. With
research, insight and real world case studies from law firm
leaders, NewLaw pioneers, in-house counsels, academics,
consultants, and legal futurists New Directions in Legal Services
covers: The impact of technology on the traditional law firm
business model New business models altering the legal services
landscape, driven by AI and emerging technologies Moving beyond AI
and CC, what is the next big thing for legal services? How Design
Thinking can be applied to legal service design The evolving legal
talent pool Rethinking pricing and profitability to support new
ways of delivering legal services Umbrella models for law firms
Unbundling legal services and new options for in-house teams Law
firm-client collaboration through the managed legal network
Business model innovation - Implementing and sustaining change The
message to the legal sector could not be clearer: innovate or die.
New Directions in Legal Services clearly outlines how individuals,
law firms, and legal departments are accepting the challenge and
are innovating alongside the New Law service providers that have
taken root in the industry to provide a growing array of options
for lawyers and clients
The lack of women in power positions represents a poor return on
investment for law firms, and could be costing them far more than
they think in both economic and cultural terms. Quite aside from
the widely accepted understanding that more diverse teams perform
better, research shows that it actually costs more and takes longer
to replace female partners than their male colleagues. Moreover,
the scarcity of women mentors could be having a long-lasting effect
on up-and-coming female associates. The problem is far from new but
law firms' usual answers - business development training, diversity
programs, investment in "women's initiatives" - doesn't seem to be
having much of an effect, despite the collective millions firms are
spending on these. The numbers of women attaining power positions
in law firms have remained static for decades. By contrast, the
percentage of women holding GC positions in Fortune 500 companies
is growing, and women are increasingly likely to be found in
in-house roles. Packed with fascinating insight, experience, and
research from a broad range of lawyers, coaches, academics, thought
leaders, and consultants, Beyond Bias: Unleashing the Potential of
Women in Law considers just how much firms are costing themselves
by failing to promote and retain talented women, the reasons their
efforts have so far seen so little return, and the practical steps
they can take to start to move the needle. We'll also consider what
women can do more of to create and seize opportunities, claim
credit where it's due, and get the most out of their business
development efforts, wherever they practice. "Beyond Bias redresses
some ancient wrongs with practical observations although who can
say where we are going and where we will end up: the book is a
major start on this new road so do read it soon." review by
Elizabeth Taylor of Richmond Green Chambers and Phillip Taylor MBE,
Head of Chambers and Reviews Editor, "The Barrister". See the full
review here.
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