- Feb 17, 2018
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Hey Jaysen,
I am currently starting my training contract applications and a reoccurring question seems to be how do you think the economic climate affects law firms? In relation to these questions I am thinking to talk about the pound collapsing/unstable stock levels and how that will affect client relationships, business ventures, deals and law firms potentially opening up further international offices.. What are your thoughts on this approach.. Thanks in advance.
That approach sounds good. If clients are uncertain then they may put investments on hold and cut back on their legal expenses, and there sure is uncertainty in the economy with Brexit, Trump's policies and interest rate concerns.
It's worth being prepared for the other point of view. To play devil's advocate I might argue that the underlying economy is strong so I'm not too concerned about stocks or a fall in the pound. I would also note that law firms tend to take a long-term view of where the economy will go. For example, even though there's a fair amount of issues in the US at the moment, that won't stop law firms from wanting to break into the market. You may want to note some of these points or justify why you still think there are big issues in the economy.