Two things dominate law firm challenges ahead… LexisNexis launches energy sector module…
Squire Patton Boggs has advised on the acquisition of three hotels by Elanor Investors Group’s (ENN) Elanor Metro and Prime Regional Hotel Fund (EMPR).
The team was led by Sydney-based partner, hospitality and real estate specialist, Rahul Parrab and banking and finance partner Hai-Dang Nguyen, who joined the firm recently.
They were supported by Greg de Mesquita (senior associate), Kevin Lee (associate) and Hugh Pilkington (associate).
The lender was advised by a team from DLA Piper led by partner Hugo Thistlewood.
Two things dominate law firm challenges ahead
Finding and retaining the right talent, and the use of technology, have been identified as the two biggest challenges for law firms in the coming years.
For talent, it is likely that competition for the best people will intensify with lateral hires seen as the best opportunity by law firm senior partners and leaders survey for the annual Smith & Williamson report.
To attract and retain the best people (72% highlighted this as the top challenge) firms should use both financial and non-financial incentives.
They must also ensure that trainees are equipped with the right skills to meet client demands. These skills will include the use of technology, which is seen as a fast-growing challenge for law firms.
Adopting new tech was a key challenge cited by 51% of respondents with artificial intelligence seen as the biggest opportunity and cyber security the biggest challenge.
Investment in technology is also seen as a key opportunity taking second spot to focusing on specialist sectors.
As the report focuses on UK leaders, the responses reflect the backdrop of Brexit and the challenges that will bring.
LexisNexis launches energy sector module
A new module for lawyers working in the energy sector has been launched by LexisNexis.
The content and tech firm has created LexisPSL Energy as part of a focus on providing solutions by industry sector as well as practice group. Coverage of the new resource spans the electricity and upstream, midstream and downstream oil and gas arenas.
"We are listening to our customers and innovating. As sector focus becomes the most prevalent way of doing business, lawyers need to arm themselves with sector knowledge to stay up to date and understand their clients’ businesses,” commented Nicola Johns, Head of LexisPSL’s Built Environment group.