Legal & Operations
Law Firm Launches Legal Operations Unit to Expand Client Services
In a strategic move to enhance its service portfolio, Shearman & Sterling has inaugurated a legal operations unit designed to bolster its corporate law department clients. This initiative marks a significant step in the firm's efforts to diversify its offerings beyond traditional legal work.
Expanding Horizons: Legal Operations and Technology
The new unit aims to provide an array of services that include knowledge management, legal technology, and business intelligence. By focusing on these areas, Shearman & Sterling seeks to address the growing needs of their clients for technology-driven solutions and strategic consulting. This is part of a broader trend where large law firms are investing heavily in technology-oriented business units to stay competitive.
The legal operations unit will leverage existing internal teams to deliver these services, emphasizing a holistic approach to legal operations functions. Notably, the firm has piloted a knowledge management strategy for an energy sector client and assisted an insurance company in managing contracts with innovative tools. These efforts underscore the firm's commitment to integrating technology and strategic advice into its client offerings.
Navigating the Shift: Diversification in Legal Services
Shearman & Sterling's move is indicative of a larger industry trend where law firms are diversifying their service offerings to compete with alternative legal service providers. The focus on consulting, legal staffing, and technology reflects an industry-wide shift towards comprehensive service models. This trend is not unique to Shearman & Sterling; other firms, such as Cleary Gottlieb Steen & Hamilton, have also launched technology-driven units to enhance their service delivery.
By differentiating their services, firms can better meet the evolving demands of their clients, who are increasingly seeking integrated solutions that go beyond traditional legal advice. This diversification is crucial for law firms aiming to maintain their competitive edge in a rapidly changing legal landscape.
Leadership and Strategy: The Minds Behind the Initiative
The legal operations unit at Shearman & Sterling is spearheaded by a team of seasoned professionals, including Anthony Widdop, Meredith Williams-Range, and Lawrence Baxter. Their leadership is pivotal in shaping the strategic direction of the unit and ensuring its successful implementation. The team plans to use the new offering as a means to deepen existing client relationships and attract new business.
Since January, Shearman & Sterling has been piloting this offering internally, refining their approach and ensuring that it meets their high standards of quality and efficacy. The firm's strategic advice for legal operations functions positions them as a key player in the evolving legal services market.
Looking Ahead: Broadening Client Relationships
As Shearman & Sterling moves forward with its legal operations unit, the firm intends to use this new service to broaden its relationships with existing clients and attract new ones. The price point for their services will vary depending on the scope of work, allowing for flexibility and customization to meet diverse client needs.
This initiative not only reflects Shearman & Sterling's commitment to innovation and excellence but also highlights the ongoing transformation of the legal industry. By embracing technology and expanding their service offerings, law firms can better serve their clients and navigate the complexities of a modern, technology-driven world.