By Nilesh Tribhuvann
In the past decade, the reserved and exclusive nature of the legal industry has spontaneously opened to wide ranging democratization which has brought forward path breaking synergies for all involved stakeholders. Owing to multiple sections of life whether personal or professional being governed by growing number of laws and regulations, the world of law is now not the exclusive patronage of huge conglomerates, but lately it has sincerely aspired to become more accessible to the layperson.
The exceptional state of affairs brought in by the Covid-19 pandemic has been instrumental in bringing about an unparalleled shift in our collective perspective towards life and the way we choose to live and simplify it. Being the reflection and the indispensable underlying support to the society, the legal world is fast embracing an unprecedented, steady but necessary change. The industry is proliferating into smaller organizations rather than large law firms which the layperson and even small and medium businesses have historically found difficult to deal with owing to inherent procedural complexities and massive cost considerations. During the difficult times of the raging pandemic, these boutique law firms rapidly adapted to the changing legal and judicial system and skilfully catered to the needs of the clients even in a digital and remote world.
The advancement of boutique law firms has adeptly shifted focus to fostering close-knit people-to-people relationships, put greater emphasis towards changing the erstwhile lopsided work-life balance, and has enhanced the level of personal attention and expertise to individual matters by provision of proficient client-oriented legal services.
In the current scenario, experienced practitioners are increasingly choosing to join boutique law firms spearheaded by like-minded individuals in pursuit of all-inclusive value creation. The positivity and the personal touch associated with emerging full-service law firms has heralded the provision of well-suited legal solutions to a diverse clientele and facilitated a favourable workplace environment for senior partners, associates, and juniors alike.
With the eclectic mix of senior practitioners having a remarkable repository of proven competence and Tier-1 law firm experience, these boutique law firms integrate integrity and ethics and exhibit professional excellence in every step of client association. This trend is giving legal luminaries the chance to lay the foundations of legal organizations based on their own core beliefs and domain expertise with ample flexibility to innovate without the pressure of assimilating into the rigidity posed by the work culture ofbig law firms. For the client, this is a win-win situation as the boutique law firms represent the fine culmination of Tier-1 law firm expertise but with optimal pricing owing to minimal overhead costs – thereby giving the clientele the best of both the worlds. Clients also prefer such value-for-money law firms because the operations are more streamlined, the enthusiasm is pervasive, and it is easier to work with a focused and attentive team which leaves great room for collaboration rather than mere delegation. The client can play an important and active role by reiterating their core objectives every step of the way, proactively participating in the legal strategy and changes,if required and also being a part of a continuous feedback system which is seriously tended to by the team on a real-time basis.
At the core, the boutique law firms listen more and work with clients directly and personally while exhibiting eagerness to learn, unlearn and relearn the fast-changing legal processes and crafting innovative and custom legal solutions in a timely manner. Due to the highly personalised nature of client interactions in boutique law firms, time-saving and prompt legal remedies are natural consequences.Such law firms are also personally invested because they want to secure goodwill in the industry, earn long-term reputational gains and create an impressive repertoire backed by happy clients.
Further, in a boutique law firm, the in-house talent team is self-motivated and independently takes on challenges with full vigour due to the culture of trust, personal accountability, and natural sense of responsibility towards the collective vision for the firm.Such law firms also usually bring together previously successful and compatible teams which not only induces a harmonious work environment and unidirectional planning synergies but also allows cross collaboration with independent experts, thereby allowing best resourcing for the client.
Apart from its human capital, boutique law firms are also well-known for being responsive and agile. This results into an organic first-mover advantage to newer and more challenging practise areas, such as cyber security, data privacy, blockchain, crypto currency, artificial intelligence, andavant-garde investment structuring for the complex requirements of the corporate world.
Being a Founder and Managing Partner of one such law firm, ours is a first-hand example of a successful boutique law firm steadily expanding its client base across geographies because of proven competence, reliable legal advisory, technology-led solutions,innovative approach, and diversified industry-wide acceptance from high-value clientele. We efficiently provide clients with specialised legal services in existing and emerging areas of law such as Banking& Finance; Capital Markets; General Corporate & Commercial Advisory; Litigation & Dispute Resolution; Mergers & Acquisitions; Private Equity & Venture Capital; Taxation, Trade & Custom; Telecommunication & Media; and White-Collar Crimes & Compliances.
As a staunch believer of making law accessible to more stakeholders especially laypersons and transforming the legal industry to truly become client-friendly, I personally look forward to the continuation of this positive trend and aspire to reinforce the credibility and trustworthiness of this honourable profession of law with the honest efforts of my organization.
Nilesh Tribhuvann is Founder and Managing Partner, White and Brief – Advocates and Solicitors
Disclaimer: This article was first published by Legitquest in partnership with Forbes magazine at https://www.forbesindia.com/legalpowerlist2021/Disclaimer: The views or opinions expressed are solely of the author.