7 Priority Areas For Building A Global Law Firm Network |
Posted: September 19, 2019 |
The increased economic globalization has resulted in enterprises belonging to a specific nation spreading their footprints to other locations. However, this phenomenon is not restricted to the business community only. Other agencies like law firms are also looking to enter territories that are conducive to their working and growth strategies. In this post, we are discussing the priority areas that attorneys must focus on while building a global law firm network. There are various factors that legal practitioners have to address while expanding their operations. Neglecting even one element will cause the venture to fail. Many people feel that adopting the strategies used by multinational enterprises will be effective. This is not an entirely incorrect approach. However, the unique nature of the legal sector makes it necessary to take into consideration the following factors also. 1. Identifying The Requirements Of Different AudiencesIt is common for large law firms to enter new markets that are being explored by businesses belonging to their location. In fact, most of the time they start their services in a new country only because of the large-scale requirements of a client native to their parent location. However, once you decide to start full-fledged operations for the local clientele in a new jurisdiction, it is essential to know about their specific needs. For instance, a multinational company will require the services of an international law attorney to understand its cross-border tax liabilities. On the other hand, a local business will need a corporate attorney who is knowledgeable about local tax regulations. 2. Conducting Knowledge Assessment Of Different ProfessionalsExpanding your legal agency’s operations in different nations will require you to hire professionals who are well versed in local laws. Even if you are looking to assist clients who require help in the legal aspects of cross-border transactions, you will need to engage some local talent. The question now arises is how do you find the best people for your firm? If you have already done what has been suggested in the first point of this post, then you will not find it too difficult to create your evaluation strategy. Once you know what your audience wants, you can list the skills needed to fulfill those needs and then find suitable professionals accordingly. 3. Focus On Acquiring Project Management SkillsProject management is one skill that attorneys looking to establish a global law firm network must borrow from the corporate world. Multinational enterprises are masters at establishing ventures in diverse jurisdictions and maintaining control from a central location. It becomes essential that legal agencies improve their skills and manage their caseload in different countries efficiently. Owners must consider hiring professional project managers to handle things in different branches. This will allow their attorneys to focus on their work. The manager will make sure that operations run smoothly and money is spent wisely. This will maximize the value of the revenue earned by them. 4. Create A Suitable Technical InfrastructureOne of the biggest hindrances in setting up a network is the absence of appropriate technical infrastructure. The different branches need to be connected with each other digitally so that the control center can have a clear view of the availability of resources everywhere. This will also enable a free flow of information between the various connected entities. It is essential that the different arms of the law firm develop strong working relationships with each other. This will be helpful in providing improved client services and building a good reputation for the firm. 5. Do Not Forget To Mind Cultural SensitivitiesA common mistake that overseas firms make is not making an effort to understand the local cultural sensitivities. This can cause issues in handling clients as well as in building healthy relationships with employees. Let’s say your firm belongs to an informal society and opens a new branch at a location that believes in formal interactions. Then you have to keep the factor in mind while dealing with clients, partners, and employees. 6. Make Your Lawyers Technically ProficientLawyers at multi-location firms have to be technically proficient. No one is asking them to become technology wizards overnight but they have to become adept at the technological solutions being used by the agency. Make sure all the attorneys of your network undergo sufficient training in using the tools so that they can conduct their work smoothly. 7. Negotiating Attorney Wages In Different LocationsNegotiating attorney wages is another sensitive issue that you need to be aware of while starting operations in new areas. It can happen that when you move to a country with a currency weaker than the one in your home location, people expect richer emoluments. Research the legal remuneration landscape before entering a market and then make salary offers accordingly. ConclusionCreating a global law firm network is a challenging task and attorneys need to create a well-defined strategy to spread their wings. The suggestions discussed in this article will help legal practitioners in creating an effective plan and expand their operations.
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