AUSTRALIA’S LARGE law firms have failed to innovate, apart from using new technology, and are missing the opportunity to help their clients by predicting regulatory change, according to the general counsel of Consolidated Press Holdings.
“Our large law firms can set a new benchmark in the delivery of value in the Australian legal services industry — and the international regulatory markets are encouraging firms to do that,” said Craig Carracher.
“Predicting opportunity and threats in the international and domestic regulatory landscape is a core competence that law firms should contribute to and their failure to do so, in my opinion, hampers the export opportunity of their corporate clients and therefore Australia’s export opportunities.”
With the exception of technological innovation, he said he is yet to see “any material innovation whether as a partner or as in-house counsel from among many of our firms”.
In this week’s ‘The Whole Truth’ interview, he suggested firms could set up a “predictive legal centre” made up of academics, economists, and legislative analysts who would analyse legislative change and provide their conclusions as a service to their clients.
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