LAW FIRM EXAMINATIONS

A long time ago, the global banking giant UBS launched a global review of its legal advisers in a bid to reduce its costs and be more competitive. Its total legal spend for the year in issues was $400 million. This review meant that whichever fees were not traceable to meaningful value in the bank's view would be cut and the law firm would be invited off the law firm panel.

Every year or retreat period your clients will review your legal services and if it doesn't make sense to them...

The Oando integrated energy services company also had to pass a severe string of tests to qualify as a foreign company listing on the Jo'burg and Toronto stock exchanges in its bid to raise global financing and a deep enough war chest to compete with in the hugely capital intensive (you need a lot of money to play in) oilfields of energy services.

These two examples concern your law firm because they represent the idea of your fees being valuable to the client and the idea of exams the marketplace will demand that you pass.