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.
