The Law firm of the present: Experience from Latin America and around the world

IBA Latin American Regional Forum

Manfred Peters,  September 16, 2024

The legal landscape is constantly evolving, and law firms around the world must adapt to changing client expectations, technological advancements, and new business models. In a recent panel discussion, leading figures from both Latin American and international firms shared their experiences and perspectives on how law firms can remain competitive in this dynamic environment. The panel included:

• Juan Carlos de los Heros (Estudio Echecopar Baker McKenzie, Peru)
• Benjamin Grebe (Prieto, Chile)
• Georgia Dawson (Freshfields Bruckhaus Deringer, England)
• Jacob Kiriaty (Engie, Mexico)
• Juan Manuel de la Rosa (Martínez, Quintero, Mendoza, González, Laguado & De la Rosa, Colombia)
• Mariana Herrero (Galicia, Mexico)

Culture and Talent: The Key to Success

Mariana Herrero of Galicia (Mexico) emphasized the importance of culture in attracting and retaining talent. She noted that giving lawyers the freedom to shape the firm’s culture fosters a sense of ownership and engagement. Galicia, as an independent firm, benefits from its ability to work flexibly with international firms while maintaining its own identity and values. Herrero highlighted how this independence allows them to collaborate on a global scale while keeping a firm hold on their internal business model.
Georgia Dawson of Freshfields (UK) echoed this, explaining that while Freshfields does not have offices in Latin America, its equity model and global reach allow the firm to maintain strong partnerships in the region. The advantage for international firms, she added, lies in the depth of resources and specialized talent that such a model offers.

Balancing Independence with International Collaboration

Juan Manuel de la Rosa, formerly a partner in two international law firms and now part of an independent firm, provided insights into the pros and cons of both models. According to him, neither system is inherently superior—it all depends on the firm’s clients and their needs. International firms tend to have more advanced technology, including AI and specialized software, which can enhance efficiency. However, independent firms often enjoy greater flexibility, particularly in navigating political or economic challenges.
De la Rosa pointed out that independent firms often partner with elite firms in other jurisdictions while maintaining their unique identity and purpose. He also stressed the importance of attracting and nurturing talent through offering growth opportunities and maintaining a strong sense of community within the firm.

Client Expectations and the Role of Law Firms

Jacob Kiriaty from Engie Mexico shared the in-house perspective, emphasizing that client expectations should drive the relationship between law firms and their clients. Credentials and expertise in specific subject areas are crucial, but Kiriaty noted that the CV alone is not enough. Relationships matter, and clients value outside counsel who demonstrate sound judgment and facilitate business operations, not just legal experts.
Kiriaty also touched on work-life balance, contrasting the demanding 24/7 schedule of law firms with the more structured Monday-to-Friday workweek in-house at Engie. As a partner, he remarked on the importance of evolving with the times, noting shifts like home office policies and less formal dress codes. Today, clients expect not only legal expertise but also soft skills and a collaborative, problem-solving approach.

Five Golden Principles for a Modern Law Firm

Juan Manuel de la Rosa outlined five key principles that can help modern law firms succeed:

1. Work with Meaning: Lawyers should feel valued and part of a cohesive team.
2. Freedom: A sense of community and autonomy within the firm is essential.
3. Law Associations: Promoting collaboration across the legal community strengthens the firm’s presence and reputation.
4. Personalized Recruitment: Attracting the right talent is crucial for long-term success.
5. Retention: Keeping and maintaining talent through continued engagement and growth opportunities is key.

The Importance of Diversity Coaching and Mentorship

Georgia Dawson emphasized the importance of diversity and inclusion, both as a central pillar of a firm’s business strategy and as part of Environmental, Social, and Governance (ESG) initiatives. Mariana Herrero pointed out that the lack of women in leadership positions is a structural issue that firms need to address by identifying key performance indicators (KPIs) and implementing policies to drive change.
Additionally, coaching and mentoring are vital. Partners should provide regular feedback—whether good or bad—to associates, ensuring that they feel heard and supported in their growth. Efficiency in how teams operate, including flexibility in office attendance, is also critical. As de los Heros noted, people generally enjoy going to the office, but the rigidity of a 5-day workweek is no longer necessary for productivity.