Macfarlanes and Wachtell: agility is key to success for independent law firms
Macfarlanes senior partner Charles Martin and Wachtell M&A partner Adam Emmerich discuss how independent firms can compete against global rivals
April 25, 2017 at 09:58 AM
3 minute read
Independent law firms need to take advantage of their agility in order to compete with global rivals. That was the message given by Macfarlanes senior partner Charles Martin and Wachtell Lipton Rosen & Katz M&A partner Adam Emmerich (pictured above, left to right) today (25 April) at the Global Independent Law Firms Forum.
The pair – who are co-chairing today's event – said firms need to deliver a range of different skills in addition to top quality legal advice, in order to thrive in an increasingly complex and demanding legal landscape.
Martin said: "Some describe independent law firms as 'stubborn holdouts' defending our turf. Luckily, many of the most sophisticated clients see that differently and see the enormous benefits of the independents. These firms have an agility and confidence that can be important ingredients of success through the undoubted years of disruption that lie ahead."
Emmerich added: "We need to ask searching questions of ourselves about what advantages we give to our clients and how to communicate the benefits of what we do to them."
The pair introduced an opening keynote speech by Marsh & McLennan general counsel Peter Beshar and FBI special agent in charge of the New York cyber division, Aristedes Mahairas.
Beshar and Mahairas discussed the growing need for firms to be proactive about their cyber defences, as well as how to get ready for upcoming regulatory changes such as the General Data Protection Regulation, which will allow the EU to fine a company up to 4% of its turnover if it is deemed not to have sufficient cyber security measures in place after a data breach.
The morning also saw a panel discussion with managing partners from firms including Noerr, Egorov Puginsky Afanasiev & Partners and De Brauw Blackstone Westbroek. The day included sessions on issues including how to remain competitive through collaboration, marketing and taking opportunities in emerging markets.
Other panels throughout the day included a look at how GCs view global law firms compared to independents, with ITV's Andrew Garard and Schroders GC Howard Trust setting out their thoughts.
The conference also featured speakers from Goldman Sachs, Freshfields Bruckhaus Deringer, Cravath Swaine & Moore and Arthur Cox, among many others. Click here for more information on the day's agenda.
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