Linklaters has begun discussions on its strategy looking as far ahead as 2030 with managing partner Simon Davies consulting on the firm's long-term vision with partners, associates and counsel across the firm's offices.

The talks are aimed at identifying potential challenges and opportunities, how the firm can respond to macroeconomic shifts, and what it might look like over the next 15 years.

Linklaters' current five year strategy, drawn up in 2012, is not up for renewal until 2017, but Davies (pictured) said the firm needs to look further ahead so it is prepared for unforeseen difficulties.

"Having a five-year plan is great but we need to do more long range planning as well," Davies said. "The responsibility of the current partnership group is to leave a stronger platform for the next group and [the 2030 discussions are] also helpful in terms of engaging the partnership."

Davies said that he expects corporate and banking to still be the largest of the firm's practices come 2030. In addition to financial services and alternative credit providers, the energy, infrastructure and natural resources sectors will also play a big part, with the firm looking closely at how it can respond to future developments in shale gas exploration and oil prices.

Linklaters is also eyeing up emerging sectors such as technology and pharmaceuticals where it wants to be able to grow in the longer term.

For Davies, being proactive on issues such as stress management and employee welfare will also be important for staff to cope with an evolving legal environment.

"I've got a two and a six year old; I know what work life balance means, or doesn't as the case may be" he said.

Linklaters first introduced stress awareness training for employees and developed a stress management programme in 2010.

Speaking to Legal Week, Davies confirmed that the firm is looking at making a number of lateral hires in the US however he does not believe breaking lockstep will necessarily have to happen in order to succeed in the US. He added that the firm had begun to see traction from the US strategy, drawn up in 2012, of targeting 200 of the companies on the Fortune 500 list, particularly those with international expansion plans.

Global corporate head Matthew Middleditch echoed his boss's bullishness over the US but admitted that growing in the jurisdiction "is amongst our challenges".

He added "Do we want to be a major US domestic law firm? No. Do we want a thriving US practice? Yes. And that is wherever we happen to be practicing US law, [whether it be] London or Hong Kong."

Looking east, Davies has no immediate plans to enter into a strategic tie-up or merger in China.

"We feel very comfortable with what we have in China," he said. "There's no need to rush into an alliance."

"Clients want everything, but in Asia they especially want local expertise and market knowledge," added Middleditch. "Where we have offices we can provide that, but you can't have offices everywhere and where that is the case, we rely on our deal experience and local relationships."

The firm may look for a foothold in the Shanghai Free Trade Zone in due course, however, as regulatory changes make it easier for international and local outfits to work together in the jurisdiction.

In the shorter term, the firm is looking to strengthen its regulatory practice in Asia as the firm is seeing a high volume of work in anti-trust in particular.

Linklaters recently reached the 700 referral mark with Australian alliance partner Allens and is approaching the 250 mark with South African ally Webber Wentzel, tie ups which went live in 2012 and 2013 respectively.

There was no formal vote on international strategy at last week's partner meeting, Davies said, though the firm is currently in discussions on whether or not it should scale down its 15 member international board.

Davies described the bi-annual conference as a "progress report" on the firm's 2012 strategy.

He remained upbeat about his firm's international prospects, revealing that Linklaters had won spots on 90% of the global panels it has pitched for over the past 12 months.