Small, specialist firms are taking on the world stage
Robert Coffey, managing partner at Cooke, Young and Keidan, says small, specialist firms are earning their place on the world stage by providing clients with an innovative, nimble, bespoke approach.
Small, specialist law firms are not a new thing. Indeed, it’s the global behemoth firms that are the more recent arrivals in the history of the practice of law. It may appear, at first sight, that the real difference between choosing a firm with a network of international offices versus a single-office specialist, is likely hourly rates. Often people think that, if they have an international matter, it makes most sense to go to a firm with offices in every relevant country. Not only are neither of these assumptions necessarily correct, but there are increasingly compelling reasons why the smaller specialist firms have been able to prove themselves as the best choice even for the most complex international matters.
Specialist firms can offer a conflict-free alternative to the largest firms, which may, for reason of actual or ‘commercial’ conflict, be unable or unwilling to act for a client on a particular matter. Indeed, specialist firms are often established by lawyers who have experience working in the largest firms, but who wish to offer a conflict-free alternative. And in addition to being conflict-free, the specialist firm may be able to act on matters where, for sanctions reasons, firms with a US nexus will be unable to act. The fact that a specialist firm may be single-office can be an advantage in an international matter. The specialist firm can pick and choose the best local lawyers with which to co-counsel on a matter, rather than being restricted to using only the offices within the firm’s own international organisation.
Small firms are ideally placed to take advantage of technology to level the playing field. They can identify and implement the technology most appropriate to a client’s needs at a speed that would be unthinkable at a large firm, and need not be tied to a narrow range of solutions. There’s a rapidly expanding range of software in the e-discovery and AI fields, for example, which can be implemented by even the smallest firms and which can greatly reduce the time, manpower, and cost needed to analyse large volumes of documentation. The experience of practicing law while subject to Covid-19 restrictions has proven, beyond doubt, that technology can play an even more central role than we may have previously thought. In litigation matters, hearings have continued remotely by video conference, including the giving of witness evidence from witnesses situated abroad. Much of the travel and requirement for in-person meeting previously thought essential has now been shown to be unnecessary.
Specialist firms are increasingly able to attract and retain the best talent from throughout the legal market. Junior lawyers are increasingly wary of becoming pigeonholed within a very narrow area of practice too early in their career (and thereby effectively becoming tied to a very large firm). They also actively seek out employment by specialist firms where they can expect to enjoy greater levels of responsibility at an earlier stage in their career, with less bureaucracy and more client contact. Overstaffing can be avoided by the specialist firm where everything and everyone – from software to lawyers – must earn its place on the client team.
Small, specialist firms are earning their place on the world stage by providing clients with an innovative, nimble, bespoke approach. A combination of the highest standards of legal practice and talent alongside a flexible approach to matter management has proved to be an unbeatable combination. Any small firm wanting to develop its international client base should think about how it can harness such existing strengths, and leverage existing or potential contacts in similarly-positioned overseas firms. This does not have to involve formal networks; having a deeper understanding of the strengths of possible collaborators in other countries will set a UK firm in good stead when international opportunities arise, as well as leading to broader potential for business development.
