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Survey reveals many law firms don’t feel quite ready for what lies ahead • Tackle the future on 20 April at IDEX’s Asia Law Firm Management Congress (ALFMC) [SPONSORED]

It is without a doubt that the law firm industry in India is experiencing one of its most turbulent periods in decades, perhaps owing to globalisation, reduced client budgets and high competition both from internal as well as external firms. These pressures are creating real changes in the industry and a need for fresh thinking in the management of law firms, including the better use of traditional metrics used in law firm management and decision-making.

According to the findings from the IDEX 2016 Law Firm Benchmarking Survey, the Indian legal service market is at crosswords, with liberalisation almost certainly being a question of when, not if.

Only 16% of firms see themselves as highly prepared for the changes that lie ahead. 32% are critical of their firm’s HR processes, 20% of firms lack tangible knowledge about their underperforming and high performing talent. Surprisingly, only 13% of firms rate their talent and career development strategy strongly. 80% of firms say that they lack clear defined career paths and 85% say that they do not have effective feedback and appraisal systems.

These figures point to huge opportunities for those firms who are willing to grasp the nettle and to “corporatise” or “institutionalise” as we keep hearing nowadays.

For the firms that work out how to differentiate themselves and develop effective talent management tools, HR processes, strong financial management systems and integrate technology effectively the possibilities are boundless.

Include in the mix skills development around client relationship management and business development and these firms will be well poised to take advantage of the opportunities offered by liberalisation and internal competition.

Keeping this in mind, IDEX is excited to announce the launch of The Asia Law Firm Management Congress (ALFMC) to help law firms sustain and flourish in this shifting landscape.

The event will bring together top law firms from across the region along with leading speakers, consultants and solution providers from across the globe. ALFMC will address key challenges and ideate solutions for law firms around strategy and planning, business development and communication, talent acquisition and retention.

Register for ALFMC before March 31st and avail a complimentary copy of the Law Firm Benchmarking Report, otherwise priced at Rs. 10995+ taxes.

When: 20 April 2017

Where: St Regis, Mumbai

Delegate fees: Rs 14,995 + taxes

30% discount until 31 March

To purchase tickets to ALFMC, please contact:

Abhishek Gurav

T: + 91 22 6171 3255

E:

www.idexlegal.com

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