Comment: The rise of the GC - a challenge law firms must rise to
There is no doubt that the recession has had a lasting impact on the legal sector. Although it was quite clear from the outset that law firms would be far from immune from the economic crisis, the long-term impact has been more pronounced than anyone anticipated. The headlines may be capturing cost-cutting exercises and reduced headcount for many in the sector, but one of the major changes of the recession is how the boundaries of the client-lawyer relationships have been redrawn - the power now firmly lies with the client, as the status of general counsel (GC) within organisations continues to grow. In the post-recession world, law firms will need to focus on quality and innovation while demonstrating efficiency in order to maintain solid ongoing client relationships.
There is no doubt that the recession has had a lasting impact on the legal sector. Although it was quite clear from the outset that law firms would be far from immune from the economic crisis, the long-term impact has been more pronounced than anyone anticipated.
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