We try very hard to inform our clients of relevant major developments in the business and legal worlds. In addition to periodic updates, I think it is equally important that you have an ongoing dialogue with your clients. You need to meet with them as often as you can – which is probably going to be no more than once every month – to talk about developments in their world and issues which require attention. We have had a tremendous number of developments over the last several months concluding with the passage of the Sarbanes-Oxley Act. As a result, there has been a significant number of communications between our firm and our clients. Although historically clients might occasionally comment that we weren’t communicating enough, I would have to say in the last several months that clients are saying, “We are getting so much information; we just want it boiled down to one or two key issues, if possible.”
The economy has had a pretty dramatic impact on law firms in the last two years. The transaction activity in the 1998-2000 timeframe was just unbelievable. As a result, I would say it was almost as if you just had to be in the business to do well. Today, however, I think the only people who are doing well are those who really are the best in the business. You can attract business, but it is not just about being in the practice or just hanging out a shingle, as they say. You actually must have a reputation that is above that of others in the marketplace. For young practitioners this is probably the most significant recent trend that they have experienced. I expect we will see some turnover. Some lawyers will get out of the practice of corporate law and move to other disciplines. The cream will rise to the top.
All corporate attorneys have to be keenly aware of change and focus on being competitive. I think the most important thing you can do is be consistent and remember what has helped you succeed over time, continuing to focus on all the good things that create success. In my mind, the key is consistency. Having said that, I often think in terms of raising the bar – what can I do that is different than my competitors and better for my clients?
Since I have begun the practice of law, the biggest change is the lack of commitment on the part of lawyers to their institutions. When I went to law school twenty years ago, it was my sense that where you started was where you were going to spend your career. Times have changed. Lawyers change law firms. Law firms have changed a lot over time and it is now more the exception than the rule to find a lawyer who has practiced 30 or 40 years at a single firm. This development is probably the biggest and most important change in the practice of law because of the impact on the culture of law firms.