At Richards Butler, we have never compromised on quality or commitment to client service. Such laudable professional mantras do not however provide a mechanism against the tidal wave of consolidation and globalisation. Research that we evaluated established that over a 10-year period the impact of rationalisation by industry sector had been dramatic. In the banking sector, 28 major institutions reduced to eight, in pharmaceuticals 33 to 13 and among mid-tier law firms in London 16 to 11. Consolidation of clients and legal services providers has happened, is happening and will continue to happen. Three years ago we decided to embrace, not contest, what appears to be an inevitable and exciting trend.
This was exciting for Richards Butler because our goal is to secure a position at the top table of international law firms with genuine resource and capability to service multi-jurisdictional clients in the major markets of the world. That has driven our top-line thinking and action for three years. We moulded a business towards a deal: focusing on improved cashflow and lawyer administration with continual monitoring of costs to ensure the retention of a clean balance sheet.
