Business law firms are on the rise. The dynamism of mergers and acquisitions and private equity in 2021 will indeed give wings to the profession between 2022 and 2024, according to the latest Xerfi Precepta study. This is all the more true since business lawyers are always developing new skills. Without forgetting to surf on an increasingly complex business law.
However, a real work of differentiation is essential. Quite simply because the profession is facing more intense competition and the creeping industrialization of legal services. Leaders will also not be able to do without a brand strategy and a real HR policy, the only way to stop the many transfers of associates.
Finally, what changes in the competitive game should we expect in the medium term? How are the margins and results of the profession evolving? And what are its growth prospects by 2024? To answer these questions, the study is based on the major areas of investment by law firms that are giving new impetus to this profession. Let us mention in particular:
o The development of the offer. In this context, the study analyzes the positions of the main players from the point of view of the areas of specialization, deciphers the offer of several niche firms and characterizes the full service positions. According to the study, some firms are exploring unusual universes, such as management and strategy consulting, suggesting new perspectives for players. They therefore aim to offer a complete, multi-geographical and multidisciplinary offer going beyond the law and always with high added value.
o Second axis: international expansion. In this regard, the levers for the internationalization of the activity, the latest initiatives of French firms in Africa and the international coverage of the 30 leading firms in France are examined.
o Another axis analyzed in the study: the territorial network in France with a focus on recent implementation operationsenters.
o Finally, the study discusses at length investments in new technologies. A complete update is offered on the digital transformation of business law firms, on the objectives related to the optimization of the business model by technology and on the digital applications used by business law firms.