One of the most rapidly evolving areas of the legal services economy is that concerned with contentious work. The challenges facing those engaged in the resolution of commercial disputes are intense. Having seen these challenges from the perspective of the commercial Bar, partnership in the dispute resolution department of a major City firm and now that of general counsel at Threadneedle, it seems to me that three themes emerge.
Firstly, demand is changing. There can be little doubt that domestic demand for commercial dispute resolution services is contracting. The primary drivers of this contraction are improved risk management and improved corporate governance. Corporations in the UK, the US and Western Europe are better able to avoid and contain disputes, and to resolve them promptly. Improved governance means that CEOs of major corporations are no longer at liberty to waste shareholders’ money by pursuing commercial disputes against rival concerns in the spirit of personal vendettas.
