The Relationship Between Law and Business
An interesting article…
The main challenges facing the legal market are encompassed by changes in the relationship with clients, the attraction and retention of talent, and innovation. One particular challenge for the vast majority of firms is institutionalization. The world of corporate lawyers has changed. At most companies, we are now seeing young professionals with a different mindset around business compared to that of traditional lawyers. They see the execution of their functions and responsibilities not only within the legal context, but also in terms of the needs of the industry in which they work. At the same time, clients want a clear and transparent relationship with external lawyers, which often requires a flat fee or other arrangements that give them more control in managing their budget.https://www.ie.edu/insights/articles/the-new-challenges-of-the-legal-profession-and-business-world/
I met with the principles at Lawbox Design in Oxford recently. They have already recognised the change in the relationship needed between law and business and are doing some exciting things.
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