Acritas' Sharplegal 2011 survey reveals that the uncertain economic climate has created a number of dominant new business challenges that practically all global businesses, in every sector, are having to tackle.
When asked as part of the Sharplegal 2011 survey: "Aside from cost, what is the main business challenge currently facing your organisation?" One UK-based general counsel replied: "The pace and degree of change − everything is changing all the time, nothing is static. The pace and degree of regulatory change is enormous; structural change in the business is huge and relentless".
If this comment rings true with you, it is possibly because many of the 2,000 plus GCs questioned as part of the Sharplegal 2011 programme said that fast-paced change and the burden of more complex and greater regulation were the main challenges affecting their growth and success.
Aside from this 'shared concern', some notable industry-specific challenges are clear in the data too.
Manufacturing sector respondents cited the greatest number and variety of additional challenges ranging from the high cost of materials and political unrest to the lack of demand and its knock-on difficulties in achieving growth.
This group was also the most vocal about its legal needs, requiring, as it does, assistance in key areas including patent and IP, litigation, competition and antitrust compliance: "We have a lot of new fields that we need to cover in compliance, export control and anti-trust. We've had new rules imposed on us in different regions which is challenging for our lawyers". [Finland]
In a similar way to manufacturing, the energy and utilities sector faces an array of issues this time relating to the difficulties of maintaining market share, expanding/competing internationally or simply staying afloat in the face of demanding and fast-paced changes to the regulatory environment and the economy.
In banking, recovery from the financial crisis remains a heavy burden: "Revenue from basic banking services is falling" [US-based respondent]. Further pressures being felt around the world include risk management, falling property values and resource problems, eg lawyers unable to work with country-specific legal issues.
Clearly, law firms have great scope to help in-house legal teams break down the many barriers on the path to business growth and success. In selecting a partner to do this valuable work, it is important to thoroughly test a law firm's specific knowledge of your market and the unique challenges you face. Those who are taking time to thoroughly research their clients' needs and challenges will be best placed to apply that knowledge and dedicated approach and see that you emerge from these tough market conditions in the strongest possible position.
A full summary of Acritas' Sharplegal global survey of corporate counsel is available for those willing to take part in a 20 minute telephone interview. Click here to register mnesbitt-burrell@acritas.com.
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