Is Your Law Firm Going Global

OPINION

IS YOUR LAW FIRM GOING GLOBAL?

According to findings from the State of the UK Legal Market 2021 report from the Thompson Reuters Institute, ongoing pressures, such as the effects of the coronavirus pandemic and Brexit, are causing disruptions and the shifting of priorities in the UK legal market writes Amy Deakin, Channel Partnership Manager at Western Union.

The report found that the demand for cross-border legal advice had increased since 2017 because of the uncertainty caused by Brexit. Specifically, 80 percent of UK corporates were looking for international legal support, and 47 percent of UK corporate legal spend was dedicated to international legal work.

Meanwhile, COVID-19 has created global opportunities for many law firms who now have clients all over the world being serviced virtually. The scope for expansion is huge but moving into new markets can be intimidating. However, there is a way for UK legal firms to take advantage of the new opportunities and it may not be as daunting as you think.

What is stopping you? Some common areas of concern

You may need cross-border transactions to facilitate payments for intellectual property, or cases related to immigration. Or perhaps you have expanded overseas and need to organise your foreign associates’ payroll and payments, and foreign office funding. Whatever the reason, any organisation making international payments for the first time has concerns and questions about how it will all work.

Keeping costs low

If you are just making the occasional bank transfer overseas, your first thought will be to utilise your current banking relationship. However, Bank transfers may not always be the most convenient way to make international payments.

A good provider will have a comprehensive global footprint, enabling you to pay foreign associates in multiple countries and territories, using your home currency, without the need for overseas bank accounts. With a payments provider, in-country banking relationships enable transfers to be treated as local currency transactions, reducing wire charges and your firm's expenses. Bank reconciliation is quick and easy with fully referenced payments and statements.

You will also need to keep an eye on any incoming payments. If bank fees are applied to these, you may receive less than your invoiced amount, so make sure your provider has a transparent charging structure.

Managing the risk of currency fluctuations

Another concern when entering the global arena, is currency exposure risk. Creating a risk management strategy will help you optimise your cash flow and mitigate the risks of currency fluctuation, giving you certainty and control.

A good payments provider will work with you to develop a strategy in line with your business goals. If, for example, you are concerned about currency fluctuations between invoicing a client and the payment’s due date, you may want to lock in exchange rates. This reduces your exposure to currency risk, and enables you to bill clients fixed amounts, safe in the knowledge that the amount budgeted for is the amount coming in, and can give you more security of knowing that wherever the market moves, your profits are protected.

No need for currency bank accounts

The last thing you need is more admin to deal with, so you will probably want to avoid opening a currency bank account. In fact, if you are not going to have equal incomings and outgoings of that currency, they can be a false economy.

A specialist payments provider can offer other solutions, such as holding balances. You can store incoming payments free of charge for up to 90 days. This gives you control over your funds, flexibility to secure favourable exchange rates, and the ability to make same day payments, reducing your currency risk exposure.

A trusted partner

Western Union Business Solutions provides payment services for over 600 law firms globally and can equip you with the solutions you need to send, receive, and manage international payments.

We have an extensive global network, spanning 200 territories and 130 currencies, and an in-depth knowledge of local markets and compliance.

Our skilled team of legal industry experts will work in partnership with you to design a customised solution, to help simplify your international payments, payroll and invoice workflows.

We provide seamless integration with our payment platform, which can process up to 200 invoices a day, helping you to focus on servicing your clients, and making the most of your billable hours. Reports and notifications can be automated, and our team will work with you to adhere to your own approval flow.

For further information about Western Union Business Solutions on how can we support the Legal sector please contact our partnership manager to set up a free non-obligatory meeting or visit www.westernunionbank. com or email amy.deakin@ westernunionbank.com

cartoon by Dave Coverly

A leader in the legal sector uttered the phrase I have heard so many times. When I asked for more details, they told me their team were de-motivated and they had been accused by one member of “micromanaging” writes Rebecca Mander.

As is common in the field, my coachee felt they needed to get involved in the detail to prevent potentially costly mistakes for the clients and the organisation. I didn’t doubt the good intentions of my client, wanting to impart the knowledge acquired over the years to younger less experienced employees of the firm.

I have seen many leaders fall into the trap of thinking they need to get into the detail and keep an eye on how something is delivered in case it isn’t done well. In our sector, where there is often a right or wrong answer, we foster a fixed mindset, and this gets in the way of allowing teams to grow.

Adopting a growth mindset allows us to constantly find new ways to grow, often through making mistakes. When we fail, we learn, and building psychological safety around our teams empowers them to develop and take responsibility. As leaders when we proport to have all the answers we are encouraging fixed mindset as our own learning is not apparent to those we are supporting. When we hide the fact that we are learning, we set a poor example and prevent others from sharing their questions and vulnerability.

I asked my client to think about a time early on in their career when a leader had asked for their help and ideas. They told me how proud they had felt, how respected, and stretched by the challenge they had been. In a period of silence following their response, they realised they wanted the team to feel this way also and so would need to adopt a new way of leading.

When we ASK our people how they would solve a challenge rather than TELL them how, we allow them to use their brain’s seeking system. Dan Cable’s book, “Alive at Work”, highlights the biological need for our brains to generate dopamine through interest, curiosity, and excitement and thus we are intrinsically motivated.

My client’s team were not learning but following guidelines and procedures, completing tasks in accordance with detailed directions without the ability to engage their seeking system. Even with the best intentions, micromanaging can lead to attrition and a significant lack of motivation. Young lawyers want to move bravely and take on responsibility and they will go wherever they can do that in a way that nurtures but does not suffocate. I asked my client how they could empower the team in the way their own leader had. My client realised that they could still share the ‘what?’ and the ‘why?’ but allow the team some room to seek out the ‘how?’ for themselves, resulting in significantly more empowered and motivated people.

They decided to set some boundaries of time and non-negotiable parameters and then ask the employee how they may go about the task and what support they may need. I suggested check-ins to be scheduled throughout the project to prevent the employee and my client from the feeling of overwhelm that can come from taking on extra responsibility…and in my client’s case relinquishing it!

So how did my client feel at the end of our session? “I can’t wait to try it out” they told me excitedly. Their renewed energy came as no surprise despite them considering they may have failed their team in some way through their previous methods. Why? Because throughout our session, I had been fully engaging my client’s seeking system!!

EVENTS & WEBINARS

Tuesday 11th January 2022

Private Client webinar for Junior Laywers session one Rebecca Mander is an executive coach, specialising in supporting leaders in the legal sector. If you are a leader and want to help motivate your team to engage their seeking systems, growth mindset or delegation skills, then please do get in touch with her at Rebecca@guruyoucoach.com

6:00pm - 7:00pm Virtual

Wednesday 26th January 2022 How small law firms can compete and overcome today’s challenges 1:00pm - 2:00pm Virtual