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Talent Landscape in the Legal Sector
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Mercuri Urval
Legal Sector
“ Making Strategies work. It’s all about people™
2. The legal profession around the world is in the midst of a significant transformation that
has accelerated in the 8 years since the Great Recession. Consolidation continues and
it is now a buyer’s market where clients not only demand efficiency, cost-effectiveness
and predictability, but also choose how legal services are delivered to them. Demand
for legal services has remained modest while technology and global competition are a
double-wind of risk and opportunity. But law firms are facing even more direct
challenges from new kinds of competition, changing internal demographics, and the
struggle to attract and retain the right legal talent.
There is also reason for optimism. In 2015, two-thirds of law firms with more than 50
lawyers reported year-over-year growth in gross revenue, revenue per lawyer and
profits per equity partner. And one third of law firm leaders say demand for legal
services has returned to pre-recession levels. But with these new challenges and
steeper competition than ever, the firms that succeed will have to take decisive action
and align the right people with the right business strategy.
Legal Industry Landscape
3. New Sources of Competition in Legal
”A good hockey player plays where the puck is. A great hockey player
plays where the puck is going to be”
- Wayne Gretzky
In the last 10 years, a range of new legal service providers has emerged. The
traditional law firm model itself is facing unprecedented competition.
About 70% of mid-size and large law firms say they are losing business to
corporate legal department in-sourcing legal work – keeping it in-house rather
than hiring outside counsel.
New technology tools continue to reduce the need for lawyers and paralegals.
Another 26% of law firms are losing business to new kinds of competitors: non-
traditional law firms, or quasi- or non- law firms (e.g. Axiom Law).
Clients often aren’t asking law firms to change – they’re just taking their business
elsewhere.
Industry Challenges and Implications
4. New Non-Traditional Legal Service Providers
Talent Management Services like AxiomLaw market themselves as a new kind of law firm
that is scalable, flexible, predictable, provides high-quality results and can raise capital
through private equity and venture capital. It is not a law firm and can’t represent end-
clients that lack in-house counsel. It is a premium-priced outsourcer assigning lawyers to
work directly on long-term projects for Fortune 500 companies that have in-house general
counsel.
Legal Process Out-sourcing ("LPO") – when a law firm or corporate law department obtains
what used to be legal services but are now part of a growing range of legal support services
provided by an entity that is not a law firm.
There is a nearly endless and growing variety of LPOs, Non-traditional and quasi-
legal firms: offshoring, contracting, e-discovery, document review, litigation support
services, contract review, digital forensics, compliance, due diligence (M&A), court
appearances, research and drafting, and virtual assistants.
LPO market share is still relatively small, but is steadily growing, and is adding to the
already cutthroat competition for profitable work.
Industry Challenges and Implications
5. Responding to New Kinds of Competitors
“The majority of change efforts can be characterizes as limited, tactical and
reactive…gambling that a measured approach to change can keep them competitive with
peer firms taking the same incremental approach.”
- 2015 Altman Weil Law Firms In Transition Survey
Law firms are responding mostly incrementally and reactively.
A 2015 Report on the State of the Legal Market by experts at the Georgetown
University Law Center for the Study of the Legal Profession and Thomson Reuters
Peer Monitor concluded that “changes have been mostly in response to specific
client pressures” which clients often don’t voice.
Lions and Gazelles: In 2010, the West’s GDP (U.S., UK and Western Europe) was
33% of world GDP. By 2050 it is projected to be 18%.
- David Wilkins, Harvard Law Professor and Director, Center on the Legal Profession, Corporate Purchasing
Project: How S&P 500 Companies Evaluate Outside Counsel (Harvard Law White Paper).
Incremental change is better than none, but for many firms, it won’t be enough.
Firms must be agile, and they must grow internationally.
Industry Challenges and Implications
6. Many law firms have become better at:
responding to RFPs and participating in competitive selection or ‘beauty contests’
working under budgets and offering alternative fee arrangements
developing more robust project management capabilities and skills needed to
partner with other providers and firms
trying to learn to become more effective sales organizations: hiring Chief
Marketing Officers and Business Development Directors from outside the legal
profession, and trying to train attorneys to become better marketers and
rainmakers
Industry Challenges and Implications
How Law Firms are Responding to New Kinds of Competition
7. Internal Demographic Challenges
”In 63% of law firms, partners aged 60 or older control at least one quarter of total firm
revenue, but only 31% of law firms have a formal succession planning process”
- 2015 Altman Weil Lawyers In Transition Survey
Law Firm Overcapacity – too many lawyers and not enough profitable work.
Overcapacity is diluting firm profitability. Leveraging non-equity partners is a
problem.
Mandatory Retirement & Lack of Succession Planning – About half of large law
firms still have mandatory retirement policies in place. At the same time over half of
partners are now 55 or older.
Entering New Service Areas - Law firms have always provided advice and services
beyond the strictly legal, such as government affairs, finance, human resources and
others. Now they’re adding completely new businesses including consulting, big
data expertise, in-house PhD’s for life sciences practices, and selling their own e-
discovery and legal support services.
Industry Challenges and Implications
8. Attracting, Retaining & Developing Top Legal Talent
”Law School Applications Hit a 15 Year Low in 2015”
- Bloomberg
Skilled workers are hard to find. A majority of lawyers say that, “finding skilled legal
professionals is somewhat or very challenging.” Unemployment for attorneys in the last
BLS report was approximately 1-2%, and the labor market is especially tight in the DC
area.
Competition is tough for highly employable professionals. Workers have more
information than ever, know their worth and may have multiple offers. They’re willing to
move, but only for the right opportunity and market compensation.
Retention is key. Lawyers are expensive to train. A 2015 LexisNexis study estimated the
price tag just to train one new lawyer at $19,000. And the cost of replacing a bad hire can
be 2x annual compensation or more.
Industry Challenges and Implications
9. Attracting, Retaining & Developing Legal Talent
Three ways law firms can grow revenue or expand strategically into new
areas:
1) significantly improve their existing lawyers’ ability to develop business
2) merge with another firm
3) hire laterally from other firms
Lateral hiring is up, and is very competitive. Virtually every major AmLaw 200
firm has added to its size and profitability through lateral hiring. More than 75 percent
of the largest U.S. law firms have hired 10 or more lateral partners over the last five years.
(Kinney Lateral Hiring Report 2014)
Lateral Hiring is difficult and potentially dangerous. Virtually every AmLaw firm
says that lateral hiring is part of its growth strategy, but only about one-fourth of lateral
hires are “highly effective.”
Strategic changes to lawyer staffing provides the greatest impact to gross
revenue, revenue per lawyer, and profits per equity partner – greater impact than
changes to efficiency or pricing models.
- Law Firm Leaders surveyed by Altman Weil in 2015.
Industry Challenges and Implications
10. Empowered Legal Service Buyers – Buyers are more informed and earlier in the
engagement than ever before. Lawyers must not only have unquestioned technical
competence, but must also be capable managers of people, projects, vendors and
technology.
Hiring for Results – The age-old adage that clients hire lawyers not law firms is
only partially true today. Firms and sophisticated individuals hire for value and
results. Law firms have one thing to sell – the reputation and ability to obtain
successful results as defined by the client.
Talent Management – Recruiting, assessing, selecting, developing and then
retaining the right talent for the right needs at the right time, is crucial for success.
Most firms have traditionally relied heavily on instinct rather than using data and
validated methodologies that reliably predict successful results.
Great Talent Management is Mission Critical
11. The essence of it all…
The right people will deliver the right results
The people you employ today and tomorrow will define your success
“
People are the only active resource in an organization
that can achieve results
Properly matching people with strategy
always leads to improved results
Organizations that have the right people
in the right positions perform the best
The better you understand people,
the better your decisions about them
12. What capabilities
do you need?
What capabilities
do you have?
What capabilities
can you develop?
What capabilities
do you need
to acquire?
What is Your Strategy?
13. Our approach
The right people will deliver the right results
Achieving tomorrows results is about aligning people with new strategies
“
14. • Founded in 1967
• Independent. Organically grown
• Operating in over 80 countries worldwide
• 900+ professionals
• More than 3,000 clients in all sectors
• Small, medium and large organisations
• Local, national and global partnerships
• Over 10,000 assignments every year
Our Company
Wherever you need us, we are there
15. Who we are
Strengthening your people performance
At Mercuri Urval we believe that the right people make strategies work. As
one of the pioneers in understanding the relationship between having the
right people and business success, we can improve results by assessing,
building and developing the people capabilities for specific business strategy.
We have developed distinctive and highly effective methodologies to enable
our clients to optimize their people capabilities. This is supported by best-in
class intellectual property and tools, developed and refined by over 50 years
of practical experience.
Our consultants have first hand experience. Many of them also have
experience in your industry. We understand the building blocks of what
makes a leader and help put them into practice for the individual in your
operating environment.
16. We are pioneers in predicting the impact people will have on business results
“
How can we help?
Securing the right talent, in the right place, at the right time
17. Assessment & Selection
Ensuring the right person for the right job at the right time
Mercuri Urval pioneered the use of evidence-based assessments in
business.
MU Consultants develop a Success Profile based on the role profile, a
specialized Capability Framework and key stakeholder interviews.
Psychometric assessment tools measure cognitive ability, personality
profile, self-assessment and experience and are tested and confirmed
during an in-depth behavioral interview with a certified consultant.
The result is a highly accurate and reliable way of measuring and
predicting a candidate’s likelihood of success in a specific role and their
aptitude for learning and growth.
94% of our recommended candidates met or exceeded expectations.
We are pioneers in predicting the impact people will have on business results
“
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Group Planning Session
Client Case Studies & References
20. DLA Piper is a full service global law firm headquartered in London, United
Kingdom, with offices around the world.
MU worked with DLA Piper to develop success profiles used to identify the
core capabilities needed for attorneys at the firm and a competency model
for assessing the degree to which attorneys possessed these capabilities.
The competency model and success profile helped the firm clarify the
capabilities it had, those it needed, and enabled it to develop strengths
through its recruiting and development programs.
21. Citelum is a €300 M global leader in lighting master planning, traffic management
and smart city integration systems, headquartered in Paris, France. With sustainable
development at the core of all its services, the firm finds creative solutions to
economic, societal, cultural and environmental issues.
As Citelum began expanding into North America, it needed a partner to help
recruit, attract, assess and select multiple key positions, including its North
American General Counsel responsible for advising the company on all
commercial matters, including regulatory affairs, contracts and corporate
governance.
MU Consultants worked with Citelum to define the role demands and capabilities
needed, which included niche legal experience at the intersection of municipal
law, energy and government contracting. MU identified potential candidates,
screened and interviewed narrowing to a short list, assessed to predict the best
candidate for the position, negotiated offer and acceptance, and in this case
relocation, fulfilling a key member of the firm’s US management team.
22. Addleshaw Goddard LLP is a 750 attorney corporate law firm headquartered
in London.
MU Consultants leveraged the firm’s existing Partner Competency
Framework used to clarify behaviors and cumulative competencies required
at different stages of partners’ careers across four partner levels, and align
the firm’s business strategy with developing and driving improved partner
capability.
MU Consultants used the Framework along with proprietary cognitive,
behavioral, personality and self-assessment tools, as well as in-depth
behavioral interviews over a 10-year period to conduct over 200
assessments including all internal and external candidates for Jr. Partner
and then again for Equity Partner, leading to more accurately and reliably
predicting apptitude and capabilities for the firm’s leadership, and supporting
partners in their career progression and personal development.
23. Kingsley Napley is a 160 attorney internationally recognized law firm based in
central London. A full service firm known for working creatively and
pragmatically to help clients solve complex problems especially in Criminal
Litigation, Regulatory & Public Law.
MU worked with Kingsley Napely to create a Competency Framework and
rating scale for attorneys and support staff at all levels of the firm.
The Framework defined the behaviors for success and provided a clear
basis for driving behaviors and evaluating performance. It incorporated
quantitative and qualitative information from other law firms, professional
services organizations and progressive corporations.
24. Mazars is a global audit, accounting and consulting group employing
more than 17,000 professionals in 77 countries through member firms.
MU Consultants worked with Partners and executives at Mazars to
review the firm’s existing competency model and build upon it to
create a Partner Impact Competency Model to drive behaviors
needed to meet the current and future needs to lead and grow the
firm’s business.
The Model is helping Mazars assess Partners’ current impact in key
areas and plan personal and career development. It will also enable
Partners lead other Partners and improve their ability to evaluate
each other relative to demands of a specific Partner role, and
understand developmental needs and opportunities.
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Mercuri Urval USA
NEW YORK • TEXAS • WASHINGTON D.C.
Business Consultant, Robert Gurry, Esq.
M: +1 703 209 5308 • robert.gurry@mercuriurval.com
President, Chris Villasenor
M: +1 703 401 6538 • chris.villasenor@mercuriurval.com
www.mercuriurval.com