City's Top 5 "Magic Circle" Law Firms Face Growing Competition
Last week`s Sunday Times article (Business Section - "New legal eagles tuck into magic circles lunch") highlighted just how competitive top-end legal services are getting, with global law firms such as Baker & McKenzie wanting to get a slice of the lucrative UK market which is claimed to be worth 1.5% of GDP.
The so called Magic Circle, which is composed of five of the most elite firms in the UK – including Linklaters – have gone through a period of exceptional growth, and have upped their game not just as a result of competition from other members within the circle, but to counter the external threats posed by established and new entrant global firms such as DLA Piper.
Tony Angel, the managing partner at Linklaters from 1998 to 2007, is widely credited as overhauling Linklaters, and now as global co-chairman of DLA Piper he has no doubt used lessons learnt from that overhaul to challenge the top 5 city law firms.
One of our own success stories with Linklaters was the use of video conferencing technology as part of operational transformation.
With over 4500 employees and 27 offices spanning 19 different countries, Linklaters wanted to improve communications whilst reducing their reliance on travel and so they commissioned Videocall to transition the business from a mix of legacy systems to Immersive Telepresence.
We designed a solution to facilitate easy communications in an environment that includes multiple video standards and video platforms across the globe. The chosen solution is completely cloud based and uses Videocall’s concierge service to manage the booking and operation of video conferences.
Linklaters experienced vast improvements in decision-making, client integration and employee productivity, but one of the most significant changes was in the size of Linklaters carbon footprint.
Added to that, this has saved Linklaters tens of thousands of pounds per year in travel costs alone.