Are clients asking top law firms to reduce fees?
We’re always competitive but in today’s markets, with most clients cutting their budget, we are making sure they get value. Part of it is to help them by providing cost-effective solutions like offering online legal services. For instance, there are some areas of legal advice that banks and companies have to ask for routinely. Different parts of the banks at different locations are asking the same questions. So there is duplication. To syndicate that advice we identify frequently asked questions across numerous countries and present them with answers in a visually attractive and condensed way. The consequence is that they get the service at a better rate. We are helping legal departments of our big clients that are suffering cuts not in the traditional way of charging half, but by approaching their problems in an innovative way. What are the opportunities that this slowdown offers law firms? Equity financing is one opportunity. As bank lending and capital markets have been much quieter
