21. How Geopolitical Risk Affects Law Firms

The question isn’t whether geopolitical risk affects the legal industry, it’s how law firms can help their clients and themselves navigate it. The answer, or at least one part of the answer, is reflected in the early lessons of lean law — collaboration, communication and knowing your client’s business.

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Not so long ago you didn’t need to ask big law firms what they stood for, you pretty much knew. Those who reveled in the leveraging model and celebrated their rankings in the tables, pretty much told you they were in the business of making the partners rich. In those days, ESG wasn’t a thing, and PEP was everything. 

In those firms, the prime purpose of associates was to record time, often at the expense of evenings, weekends or anything resembling a life. What the work was didn’t matter; dull, monotonous, or even barely relevant. Eat it up, release the time, repeat.

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