While the global pandemic is slowly backing down, its influence on the world dynamics will stay with industries for quite some time. In parallel, global law firms are currently thriving as they maximize their efforts and excel in the best service delivery, giving away the precious BAU. 2021 appears to be more demanding in comparison with the previous year, setting higher expectations on how to juggle technological breakthroughs, management of internal and external cultural stability, threats to data and constantly evolving regulatory changes that affect their clients. In particular, financial services firms are now looking for law firm guidance on the global changes, a holistic view on live updates to the regulations and technological transformation to keep up with the times. Acknowledging the current state of financial services affairs and to a certain extent foreseeing the implications will help legal service providers to be better placed to support their clients.

Financial companies and institutions rely on law firms as their right-hand in supporting operations, daily compliance, and future strategy planning. In response to pandemics, financial services and regulatory mechanisms have developed their own organic approach to managing the direction of 2021 priorities, and they require continuous support and leadership of legal firms to implement. The profound effects of COVID-19 have resulted in a number of industry changes, however, most of them have been underway for years. This year coincidently happened to be the critical one in keeping on tight with changes and consequences.

During the crisis, legislators, government officials and business leaders had to take several new strategically important decisions and at the same time preserve the legacy. These decisions resulted in difficult ethical dilemmas that affect society now and will have a greater impact in the future. In the modern legal world, it doesn’t seem realistic to digest and analyse all industry changes at once, however, that’s what clients abstemiously demand. Below, we have prioritised the top four focus areas that law firms need to keep an eye on to ensure they are in a good position to support their clients.

Continue reading the full article (PDF) as published in Legal Business World.