How are you planning to navigate your business through the protracted period of uncertainty ahead – and what are your views on hiring people and investing in your business?
The legal world is in no way immune from this difficult and extended period of economic gloom. For example, if there are fewer corporate transactions and a difficult property market then the need for legal services also decreases. Consequently, we are just as keen as any other business to see an improvement as quickly as we can in the national growth figures.
As well as putting up with the poor economic situation, the legal world is also subject to the most intense competition I have seen in my twenty years of practice. In some ways, it is like a double whammy. The structure and face of the legal community is changing dramatically and in, say, ten years time I would predict that the number of legal firms in our area will probably have halved in number.
If you are working in a competitive environment you cannot stand still. You have to innovate and change otherwise your business will ultimately fail. Although we are celebrating 125 years of practice next year, we cannot afford for one moment to rest on our history or our reputation. As a result, we are constantly looking at new and better ways to service our clients’ needs and making the investment which is required.
Clients do not instruct Raworths as such. They instruct the individuals within the practice that they know and trust. This is why our people are the most important asset and, recession or not, we will continue to recruit and attract the most talented lawyers we can find.
Jonathan Mortimer is a partner and head of Dispute Resolution at Raworths LLP.