A Strategic Evolution. Â
In today’s interconnected global landscape, the intertwining of legal frameworks and business strategies has become more critical than ever. Recognizing this shift, Indacochea & Asociados, Abogados has embraced a “Legal + Business” approach, reflecting a strategic evolution to meet the increasingly complex needs of our clients. Sure, we were not the first (nor the last) and you may have read this somewhere else, trust me when I say that we are a 360° law firm. This integration is not merely a rebranding exercise; it is a deliberate response to the changing dynamics of the legal and business environment that we have observed in the market for over a decade as it change everything: our mindset, organisational chart and way of work.
Our approach is continuously being validated. Let’s take for example thought leaders in the legal industry, such as Richard Susskind and Mark A. Cohen . Susskind, in his works “The Future of the Professions” and “Tomorrow’s Lawyers,” discusses the expansion of traditional legal services to include technological integration and business-oriented solutions. Mark Cohen, whom I actually have the honor to have met, in his recent Magazine Forbes article “Creating A Gen AI-Era Legal Function What It Means, Why It Matters, And Where To Start” further explores the importance of integrating advanced technologies and business strategies within the legal profession.
These insights support our philosophy at Indacochea & Asociados, driving our commitment to offer a holistic “Legal + Business” service model. I am grateful to Mark for allowing us to mention and promote his work, which continues to inspire and guide our strategic direction.
Anticipating Client Needs in a Complex World
Traditionally, legal services have been viewed through a narrow lens, primarily focusing on compliance and risk management. However, the modern legal landscape demands a more integrated and holistic approach. Clients changed… why wouldn’t we?
We have observed that clients increasingly seek advisors who can navigate both the legal and business aspects of their challenges. Our “Legal + Business” model allows us to provide comprehensive solutions that address legal considerations while also factoring in broader business implications. This dual perspective is vital in a world where regulatory changes, technological advancements, and market dynamics are deeply interconnected.
The Strategic Vision Behind Our Brand
Our decision to incorporate business advisory services into our legal practice aligns with a broader industry trend toward interdisciplinary approaches. Legal futurists and industry commentators have noted that the traditional roles of legal professionals are expanding. There is a growing expectation that lawyers should offer more than just legal advice; they must also provide strategic business counsel that helps clients navigate the complexities of modern markets.
By integrating subsidiaries like IAcc, iBusiness, and Iconekta, we position ourselves not just as legal advisors but as strategic partners to our clients. This approach reflects our commitment to innovation, client service, and excellence. It also prepares us to better meet the evolving needs of our clients in a rapidly changing world.
Real-World Impact and Client Success
The success of our “Legal + Business” approach is evident in the achievements of our clients. By offering services that blend legal expertise with business strategy, we have helped clients overcome complex challenges and capitalize on new opportunities. This comprehensive service model enhances client satisfaction and cements our role as a valuable partner in their growth and success.
Our clients’ successes are a testament to the effectiveness of this integrated approach. Whether navigating regulatory changes, leveraging technological advancements, or entering new markets, our clients benefit from our holistic perspective and strategic guidance.
The Future of Legal + Business Integration
As we look ahead, it’s clear that the integration of business insights into legal services will continue to shape the industry. At Indacochea & Asociados, we recognized early on that combining legal expertise with strategic business counsel is essential to meet the evolving needs of our clients. Our “Legal + Business” approach is not a temporary trend; it is a core aspect of our commitment to innovation, client service, and excellence.
Recent studies show that clients expect more from their law firms, seeking not only legal advice but also strategic business insights. According to the 2024 State of the US Legal Market report by Thomson Reuters, clients are increasingly valuing law firms that act as strategic partners rather than just legal advisors. This shift is driven by the need for efficiency, cost-effectiveness, and the ability to leverage technology effectively (LegalTech Solutions) (Thomson Reuters: Clarifying the complex).
Moreover, a survey by Clarilis highlights that less than half of law firms are perceived to fulfill clients’ top priorities very well, and a significant portion of clients are open to switching firms if their expectations are not met. Clients are looking for added-value services, high-quality communication, and better use of technology to enhance their overall experience (Clarilis).
I’m not going to lie: we got scared of being left behind with and old attitude while clients would fall in love with prettier and more agile law firms.
We reacted.
We remain dedicated to providing the best possible outcomes for our clients, ensuring that we are not just legal advisors but strategic partners committed to their long-term success. Our journey towards a “Legal + Business” brand reflects this dedication, and as the legal landscape continues to evolve, so too will our approach. I believe that sharing best practices and engaging in discussionswill help secure the future of our industry. Let’s collaborate and learn from each other.
So… What’s your best practice? What’s your mantra?
References
- Susskind, R., & Susskind, D. (2015). The Future of the Professions. Oxford University Press.
- Susskind, R. (2017). Tomorrow’s Lawyers. Oxford University Press.
- Cohen, M. (2024). Creating a Gen AI Era Legal Function: What It Means, Why It Matters, And Where To Start. Forbes.
- 2024 State of the US Legal Market report. Thomson Reuters.
- Clarilis survey on client expectations.
