Rick Jakubowski, Global Editor,
Chambers and Partners
Is the increase in millennials affecting the priorities of clients during a panel review? Rick Jakubowski, Global Editor at Chambers and Partners shared his unique insight with us on how clients are beginning to prioritise social responsibility in law firms.
LFMS: Why do you think it’s important to have a conference that unites the business development and marketing decision makers from law firms across Europe to explore current trends and issues?
RJ: I think it’s very valuable to have a collective discussion around what business developers and decision makers are faced with. From my experience managing and reviewing research across a vast range of countries in Europe and beyond, the trends and issues affecting law firms rarely occur in isolation and across Europe, legal professionals are presented with similar challenges and opportunities. However, things develop at a different pace in different places and there always nuances to each jurisdiction, which creates opportunities for us to learn and benefit from each other’s experiences and the different solutions people have put in place.
LFMS: With more millennials on client panels, do law firm business development and marketing teams need to adapt their approach for the new generation of clients?
RJ: There is definitely some shift in attitude and priorities from clients during panel reviews. Whether or not this is down to more millennials being involved in the selection process is debatable, however, we certainly see that clients are even more focused on ensuring the law firms they work are willing to align with their values as a business. This incorporates a whole range of factors, from demanding meaningful action on diversity and inclusion to displaying genuine understanding of the client’s commercial goals and way of doing business. Of course, costs, experience and proven technical quality in the law are always going to be part of the picture, however, focusing too much on achievements in these areas can also sometimes be off-putting to clients. Showing a commitment to understanding and mirroring the client’s values is increasingly the critical factor in securing long term relationships and business partnerships and I think it is fair to say that this should be at the heart of a firm’s approach towards new clients if it hasn’t been previously, regardless of the age profile of the panel.
LFMS: Which session at the Law Firm Marketing Summit (other than your own!) are you most looking forward to attending?
RJ: There are lots of very interesting sessions throughout the day. I am particularly looking forward to Meg Sullivan’s keynote speech on lessons from an international law firm on growth and innovation. Due to my role as Global Editor at Chambers, it is always very interesting for me to hear about the things international law firms are doing to try and ensure strategies, including social responsibilities, are embraced and employed effectively across a global platform and how clients are responding to that.
Rick Jakubowski will be speaking on our “Ask the Editors” panel at the Law Firm Marketing Summit. See the agenda HERE.