- Sep 9, 2024
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Hi @emma.d so for the first question I think your approach is the right one, in that you need to identify a potential client that has a need for legal services in one of the firm's major practice areas. Importantly, you should make sure that the firm has not represented the client in the past, as the question says you would be introducing them. Ideally, you want to get very specific in your analysis, going beyond something like "this client has a need for litigation/corporate m&a/finance advice and the firm has these departments" - as (i) basically every large company/financial institution has a general need for these services; and (ii) basically every large commercial law firm has sizeable teams in those areas. Thus, you should try to find a more specific "fit": if the firm specializes in a particular type of deal/case, or on deals/cases in a particular industry or in particular jurisdictions, you should look for a potential client who requires that specific type of expertise more than any other. Besides this, to obtain a more detailed analysis, consider integrating some of the following factors:Hi everyone, I have 2 x 400 application questions which I would like some guidance on. I am unsure of how to fill the word count and the things I should cover.
In light of our service lines, if you could introduce one client to us, who would it be and why? (max 400 words)
I have identified a specific client and how it relates to the firm through similar cases in the past but am unsure on what else to talk about.
AI is rapidly changing how law firms operate and how solicitors interact with clients. How can we embrace AI without sacrificing our value of Human First? (max 400 words)
@Andrei Radu your insight would be much appreciated as I have found your question breakdowns in the past super useful! Also, a side question Andrei do you think you will still be around on TCLA next cycle?
- How much business could this client bring in: the number of cases/deals/matters this client would need advice for, and the size of the aforementioned mandates, are some of the most important considerations. The bigger the demand for legal services your client will have, the more revenues will it bring to the firm. For instance, all other things being equal, a PE-focused firm would prefer to be introduced to Blackstone rather than EQT or CVC, as over the long term there is a potential to get a lot more work from the former.
- Cross selling opportunities: if you can find a client that has a need not just for one of the firm's practice areas, but several, this will provide an opportunity for cross-selling, which can once again drive up revenues.
- Legal fees: different clients are willing to pay high legal fees to different extents, and you ideally want to introduce the clients that are least resistant towards that. Those would be your blue chip companies and large financial institutions, particularly US based ones.
- Market share: if you can increase market share in one of the areas that are a strategic priority for the firm, particularly by poaching clients from a major competitor, that will always be a benefit.
- Relationship to other firms: Finally, consider how difficult it may be for the firm to actually poach that client. If the potential client has deep institutional ties with another firm, like Apollo with Paul, Weiss or Comcast with Davis Polk, this will not be easy.
Secondly, it is quite likely that you will need to address at least the following two points (i) what are the reasons for the firm to integrate AI systems, and what are the main areas of its operations where this might be done; and (ii) what are plausible concerns around the Human First value (particularly in relations to clients) and what are plausible ways to address those. For (i), you will likely be able to focus on efficiency gains and costs savings for clients; while for (ii) on measures to ensure transparency around use of AI, that the work involving AI remains error free, and that the main points of client interaction will remain humans.
For the final question, I am happy to say I will likely stay at TCLA for at least the most part of the next cycle