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Development in conditions of decline
18.05.2016
In the conditions of a long-term crisis, Russian law firms have to review their approach to development of current practices, however, they do not suffer from decrease of income. Despite the difficulties, the average income gain of major players in the Russian legal market has increased.
The main issue of the market today is decrease of the clients’ expenses on lawyers. The crisis makes consumers of legal services reevaluate the existing system of expenses, review the plans of further development and investments. In particular, many companies choose not to use external counselling services and prefer to engage in-house lawyers. The projects that used to be conducted by external specialists are now executed on account of internal departments. Correspondingly, the legal consulting marked suffered the most from the crisis. This trend is likely to maintain until stabilization of economic conditions.
As a whole, the 2015 financial year was not a bad one for most law firms, and many managing partners of Russian law companies make optimistic predictions. Managing partner of YUST Law Firm Evgeny Zhilin told the supplement to RBK newspaper “St.Petersburg International Legal Forum - 2016” that in 2016 the increase of the firm’s income will constitute at least 15-20%.
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In the conditions of a long-term crisis, Russian law firms have to review their approach to development of current practices, however, they do not suffer from decrease of income. Despite the difficulties, the average income gain of major players in the Russian legal market has increased.The main issue of the market today is decrease of the clients’ expenses on lawyers. The crisis makes consumers of legal services reevaluate the existing system of expenses, review the plans of further development and investments. In particular, many companies choose not to use external counselling services and prefer to engage in-house lawyers. The projects that used to be conducted by external specialists are now executed on account of internal departments. Correspondingly, the legal consulting marked suffered the most from the crisis. This trend is likely to maintain until stabilization of economic conditions.
As a whole, the 2015 financial year was not a bad one for most law firms, and many managing partners of Russian law companies make optimistic predictions. Managing partner of YUST Law Firm Evgeny Zhilin told the supplement to RBK newspaper “St.Petersburg International Legal Forum - 2016” that in 2016 the increase of the firm’s income will constitute at least 15-20%.
Read more
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