On the occasion of the beginning of the new academic year 2023-2024, and with the help of community professionals Fide, we analyze the main challenges that concern the legal, business, as well as academic and institutional world today.
Today we meet with Miguel Angel Perez de la Manga, advisor to law firms in Spain and Latin America and partner at BlackSwan to talk about the main challenges in the management area.
What are the main challenges in the management area?
In summary, the 4 key points to analyze this course are the Market concentration, Attraction of talent, Integration of professional life into personal life and, finally, fidePartner Listing:
- Market concentration
The concentration trend that we have seen in the first half of 2023 indicates that firms have growth in their strategy. This growth has to be through integrations or mergers, which we have seen are occurring even in the most complicated scenarios, such as the caso of Allen & Overy and Shearman & Stearling.
- Talent attraction
Attracting talent to law firms is one of the matters that has to be on the agenda of all managing partners. The difficulties have their origin in a pure demographic problem, but they are accentuated at different professional stages, with considerable dropout rates in certain segments.
- Integration of professional life into personal life
The constant need to increase the profitability of firms, driven by an upward trend in salaries and a price adjustment requested by clients, fully affects the difficulty of integrating professional life into personal life (the term “reconciling ”does not seem appropriate to me for this problem, since work and personal life are not opposite things, work is part of each person's personal life).
- Fidepartner registration
A weekly look at the legal press is enough to see the increase in partner mobility between firms. This movement, which partners as professionals can carry out with complete freedom, has effects – apparently hidden – on the firm's management systems, which help develop the strategy. Partner compensation systems, retirement plans, or investment in activity sectors are affected by this partner mobility.
We will analyze and debate all of these challenges in open sessions of Fide.
We continue to study the main challenges in this and many other relevant areas. You can find them all on our website.
We encourage you to share this information and continue the debate.