LAWFUEL – The Law Newswire – Commercial law firms must organise themselves according to their clients best interests rather than their own if they are to remain profitable, the senior partner of Allen & Overy said today, The Times reports.
In the last of three unprecedented essays on the future of the UK legal profession, Guy Beringer warned his peers that any commercial law firm risks becoming “inflexible” if it remains “driven by its own interests rather than those of its clients”.
Mr Beringer took particular issue with what he described as the “accepted wisdom” that there will be an “inexorable move towards commoditisation of legal products, accompanied by a matching move by commercial law firms towards so-called higher margin products leaving the commoditised area of practice to those with a lower cost base”.
Clients are not in favour of such a move, Mr Beringer said.
