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We view the legal industry as a competitive and challenging marketplace where stability and profit depend on effective short and long-term business-management strategies. In today's growing legal market, the practice of law has truly become the business of practicing law. Therefore, firms should be looking to the tools of corporate management to enhance their business.

In the current landscape, there is no room for complacency. For law firms to satisfy the growing needs of their present clients and attract new clients from their competitors, they must ensure the best quality legal services possible. This means attracting and promoting top-quality lawyers and administrative staff who see themselves as an integral part of the firm's business. Looking inwards law firms and company legal departments must build a high quality legal team that shows intellect, creativity, diligence, flexibility, stability and integrity. Looking outwards firms should be leveraging their brand image, improving their marketability and ensuring that essential knowledge is shared and exploited for better client relationships.

Those firms that continue to rely on an ageing reputation or the profit boosts of one or two rainmakers will soon find themselves falling behind the innovations of the more forward-looking firms that are putting effective management at the center of their agenda.

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