The global market for legal services is undergoing a period of unprecented change. The recent economic turmoil, coming as it does after a period of sustained growth, brought many of the challenges of delivering legal services into sharp focus. As Warren Buffet famously noted, “you only find out who is swimming naked when the tide goes out”.
While we are still learning what this means in practice, all we can be certain of is that the future of legal services will be very different to the past.
Now in its 6th successful year, IE Law School’s Lawyers´ Management Program is the only global program designed to better equip lawyers – be they within legal departments or law firms – with the knowledge and skills they require in this ever-changing environment.
The LMP journey
Against this background, lawyers are having to review their approach to both their internal management and leadership style: exploring better ways of doing business.
The starting point is a clear understanding of the impact which the changing external environment is having upon the legal market as a whole and on their own services in particular. Market change of course brings opportunities as well as threats: the challenge is to understand both and know how to act accordingly.
Analyzing and highlighting how your organization can work better is the important first step, but building a platform for change and leading a group of individuals along that path is often the bigger challenge.
While the technical skills of a lawyer have always been prized within organizations, today more than ever, lawyers need also to be both good managers and, ideally, great leaders, which for many means acquiring new knowledge and skills.