We are certainly still close enough to the beginning of the year for a bit of productive looking back, accessing the present, and planning for the future.
Like the rest of the world, the financial crisis negatively affected the CEE and all of us who practice law within this dynamic region. The affect may have been uneven as among our various countries and practice areas, but no one escaped the impact entirely.
For many of us these past few years have been the most challenging time in our careers. The legal community's reaction to the changing circumstances has varied. Some firms withdrew or considerably downsized within the region. Others adapted more subtly to changing market conditions, allowing themselves to stay the course, maintain the most important parts of their firm cultures and, in some cases, to even grow.
And what of the "now" for CEE lawyers? There is surely recovery but it too is uneven as among various countries and practice areas. But whatever our concerns are as to the status of the real economies, and other lingering economic and political problems in our respective jurisdictions, few would question that we are seeing a return to a type of normalcy in our practices. That "normalcy" in many firms is mainly being fueled by restructuring and insolvency work
And the future? Few expect a return to our pre-crisis glory days. Although M&A activity is definitely up, business and political realities will continue to check any quick general surge in new real estate, renewable energy and foreign investment work. But no matter what, the long-term regional need for infrastructure and other improvements remains intense and will eventually and inevitably drive more legal work for all of us. In this respect those of us who practice in the CEE enjoy an advantage that our colleagues in more developed markets simply do not. It is just a question of how long the intervening short term will be.
Nonetheless, some in our community are outright negative about the future of our profession. It is with that group that I must strongly disagree.
The lawyer's role in CEE economic affairs and development is as strong or stronger than it has ever been. For sure, politics or economic issues of the moment are challenges but they are challenges that we need to help our clients overcome. We all have a vital role to play in moving the CEE region forward. We can't just be spectators. We need to be out there helping to write the positive story of CEE.
With such a role and responsibility our profession can and should be personally fulfilling in both economic and non-economic terms. Being a lawyer is something of which we should be genuinely proud.
Make no mistake, though, none of us can expect business as usual, particularly because of the intense pricing pressure and competition that is now an absolute reality for a growing part of any firm's book of business. Simply put, the market is constantly and relentlessly cutting away at the amount of work that is still "non-generic" enough to not be taken in-house or competitively tendered and awarded on price alone.
All of us must learn to better deliver our services at a price which our increasingly sophisticated clients are willing to pay and which also meets our own reasonable needs and expectations. This can be done. We can learn to better quote for our work in advance (just like other businesses must do) and then to professionally manage the delivery of our services and costs to more often stay within our quotes and still exceed client expectations. For some of us there will be more occasions when we decline work over pricing, but smart practice should make such occasions rare events.
We must also dedicate the time and resources to the training of our more junior lawyers, not as an expense and burden to our clients but as part of our own standard offering. This has always been the right thing to do but now the market has made it the required thing to do.
In my view there can be no better place in the world than CEE to address our profession's challenges. Extra effort, individual creativity and differentiation still get you ahead in this region.
It is particularly fortuitous that CEE Legal Matters is inaugurating its operations in the here and now. It promises to be an important and vital tool to help all of us navigate the future by showcasing the best practices, knowledge, know how, successes and failures of the region's legal community. I encourage all of you to contribute to and read the publication. The best way to raise the bar is to learn from one another.
I am particularly delighted that Co-Editors David Stuckey and Radu Cotarcea are part of the team launching CEE Legal Matters. We have known each other and worked together for many years. David and Radu are consummate professionals with a deep understanding of the challenges and opportunities of practicing law in the CEE. Their involvement will undoubtedly help assure this publication's success.
Welcome to the neighborhood, CEE Legal Matters!
