Answering the Question: Staying Competitive in the Legal Market

This answer is from a successful application that landed me a vacation scheme interview.

From the research you have done, what do you think OUR FIRM will need to do to stay competitive in the legal market?

Law firms have faced many challenges in light of the global recession, including decreased opportunities for commercial and real estate practices, and liberalisation of the legal profession. Moreover, M&A transaction value has dropped to a 12-year low, with the bulk of that value attributable to a small number of “megadeals” often handled by larger firms. As a first-tier firm within smaller M&A deals, this reality is of notable importance as YOUR FIRM strives to remain competitive in today’s legal market.

However, according to a recent EY report, transactions in TMT and life sciences continue to grow at rates of 153% and 32% respectively. Chosen by Microsoft Ventures as the adviser for a high-potential UK technology and gaming startups programme, it is clear YOUR FIRM has a strong focus on these key areas. Mergers with ANOTHER FIRM & ANOTHER FIRM have provided the firm with exceptional opportunities to provide the industry leaders of tomorrow with solid advice and advocacy.

With services such as Bloomberg Law, Practical Law Company, and alternative business structures to compete with, the firm should invest in IT and website design. YOUR FIRM could devise an online portal with jargon dictionaries, appropriate forms for venture capital investment, and events information. Perhaps YOUR FIRM could experiment with deferred payment, lines of credit, or reduced-cost services for burgeoning technology clients. With an exciting new brand to promote, the firm could also hold informal drop-in advice sessions in East London’s Silicon Roundabout and Cambridge, thereby increasing the firm’s profile.

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