In a desperate attempt to meet increasing client demands law firms are running the risk of damaging their reputations, according to a recent report by Steven Vaughan of Birmingham University.
According to Vaughan, three quarters of the lawyers surveyed by Birmingham University said that they are being forced into accepting more challenging conditions when they are commissioned by clients and that there is little room for discussion. Many said that the balance of power had shifted from law firms to their clients.
In some reported cases, banks have even suggested which law firms should represent other parties in deals. Some clients are also insisting that certain kinds of advice, including tax, should be given for free.
The report titled, “Research on lawyer-client relationships in large firms: Independence, reputation and risk report”, is based on interviews with 53 senior corporate and finance lawyers from 20 of the largest UK firms. Source: Solicitors Regulatory Authority
