Acritas has been offering advice on current trends in the legal industry to students at prestigious Ivy League US law school Cornell, in New York.
Acritas’ Associate Director, Elizabeth Duffy joined forces with international business strategist and legal industry expert and independent consultant Juliana Garcia to deliver a lecture entitled “The modern global legal industry: lessons and perspectives not found in your law books!”
The session, which combined data taken from Acritas’ unique annual study of global legal buyers, sharplegal*, and Juliana’s experienced insight, informed students about the approach they should take when setting out on a career in the competitive legal sector.
The main focus was on helping law students to understand the shape and trends of modern global legal industry in order that they understand the importance of developing and offering their business awareness as well as their academic credentials.
Acritas advised that successful applicants consider how law firm brands align with their own personality and values and effectively communicate how and what they can contribute to their future employer’s firm.
- The shift by law firms towards a client-focused approach in light of the tough economic climate and stiffer competition
- The importance of lawyers not just developing technical expertise but combining this with excellent interpersonal skills in order to build long-lasting relationships
- The growing importance of brand in the legal market and the need for law firms to deliver on their ‘brand promise’ to win, retain and grow business
- The pressure on clients to achieve ever greater value for money and the consequent changes to law firm fee structures.
- The great influence that internationalization is having on the legal market (in 2010 80% of buyers had international legal needs compared with only 40% in 2007).
Click here to read our Cornell lecture blog
*sharplegal is Acritas’ annual survey of more than 2,000 senior legal buyers from the world’s largest organizations. Sharplegal data is used by the world’s leading law firms to provide guidance, reassurance and confidence when decision making.