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2016: the Five Chinese Major Forecast Development Trends of the Legal Services Market--Part Two

SOURCE:DOINGBUSINESSINCHINA.ORG   TIME:2016-04-07

 


2016: the Five Chinese Major Forecast Development Trends of the Legal Services Market--Part Two

Ⅲ. Growth of opportunities in the trading area
In 2016, compared to the litigation, the law firm will invest more in the trading business. Driven by the high-end market, the momentum of global mergers and acquisitions is still strong. Although the total number of transactions that announced has not yet reached the summit in 2007, tens of billions of dollars of transactions amounts is the highest ever recorded.
It can be predicted that  law firms have the transnational strength and rich trading business benefit from the growing super large transactions, other law firms will be affected by the decline in future trading volume.
Except for mergers and acquisitions, law firm leaders can also find opportunities in other business areas. Network security and data privacy are likely to continue to be high growth opportunities areas as customers respond to the growing risk of personal information. In fact, the firm is also facing the risk like that, it worthy a lot attention.

Ⅳ. The weakening of the litigation needs
In the past few years, due to the increase of large litigation cost, the law firm customer demand for litigation services decreased.
The firm's litigation had been affected by the diversion work in various degrees. The law will do more and more work on its own, or give the relative daily transaction to the low cost legal service provider, and no longer choose the traditional law firm.
Compared to non-litigation business, litigation business is also more affected by the impact of scientific and technological progress, the time of dealing with a customer's business is greatly reduced.
It is worth noting that, although these trends will continue, not all litigation activities will be similarly affected. For example, in the post recession period, litigation and bankruptcy in the financial sector are still very much, although it is generally agreed that they have entered the final stages of decline. Intellectual property litigation is generally strong, especially for the trademark business, characteristics of patent litigation is undergoing transformation.

Ⅴ. The talent market is changing
Lateral recruitment market in fierce competition and profit of continuous dispersion increases the firm's probability of loss of a celebrity partner. But if you have a stable culture firm culture, it will help reduce the risk by frequent communication with partner and realizing the earnings expectations of each equity partners.
The law firm also has the challenge of partner promotion channel. Idea of that whether it is from the temptation of other industries, or do not want to become a partner, are likely to make staff lawyers flow much higher than the law firm would like to see.
In addition, compared to the past, the potential of the lawyers group is either shrinking, or the quality decline. Now many outstanding graduates of law school may not choose to seek traditional law firms for oneself development.
And these concerns about how to attract and retain the core talents, are the concerns about the old partnership system and succession plan. These concerns not only exists in the firm's overall level, but also in the level of the business team, it is even more on so in considering the risk of personnel changes.
-----by Chinese lawyers network



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