How much has changed since I wrote this! And what an opportunity now for lawyers to shine in that 'valued business partner' role.
"In 10-15 years we will not be trusted advisers". Words of warning from the legend himself, Nigel Boardman, at one of our roundtables. Roll forward a year, and its relevance is heightened: as law firms become overly focused on selling, few would argue that the trusted adviser role has gone in-house, and some would query its very existence.
Given the focus on the boring but necessary plumbing of regulatory risk and implementation in compliance, lawyers don’t have as much opportunity to shine strategically in front of those that matter.
In any event, if you’re still using the term ‘trusted adviser’, you’re out of the race. Semantics matter. Those at the High Table want a modern ‘valued business partner’ who can provoke, stimulate and challenge. Will a CEO reaching out for this kind of strategic enabler automatically think of a lawyer? Discuss.
'In 10-15 years we will not be trusted advisers' - why firms need to improve their game