Business Review - October 2011
20th September 2011

Just when we think there might be light emerging at the end of this particular recessionary tunnel, someone hits the off switch again.

I am sure no one would disagree when I say that business is still challenging both locally and nationally, no matter what your profession, and the legal sector is no exception.

The austerity measures, proposed banking reforms and the new Legal Services Act have all affected the way lawyers operate and they continue to contribute to the ever changing legal landscape in Sheffield. However, I am happy to report that Taylor&Emmet is cautiously optimistic about the future.

The local legal profession is in a state of flux. The last 12 months have seen established firms disappear or agree to merge and new competitors enter the Sheffield scene. During this period of uncertainty, the question we have asked ourselves is how do we preserve our strong position in the market and meet the changing needs of existing clients?

Paradoxically, we believe that being able to operate efficiently and profitably in an uncertain business environment means not only reinforcing our traditional Yorkshire values – high standards of client care and no-nonsense advice – but also embracing diversity and encouraging innovation. It is our varied range of legal services, catering for businesses and individuals alike, that has enabled us to weather this ongoing storm. 

The Taylor&Emmet of today is much more than the property firm we once were. We recognise that clients are seeking solicitors who are more rounded business advisors and can offer greater value for money. Our response has been to add a number of complementary services to our legal portfolio, including health and safety advice, HR consultancy, credit management and mediation.

We have also implemented a range of cutting edge, fixed price packages for contentious and non-contentious matters, giving the cost-conscious a greater level of financial certainty at the outset of a case. This new approach to legal services distinguishes us from our competitors and is paying real dividends.

Post-recession survival, however, cannot rest on local contacts alone. Law firms must think big to secure new work. By recognising individual talent and playing to the strengths of our teams, lawyers can increase involvement in sectors that were previously beyond their reach. Regional solicitors who can prove they are a cost-effective, credible alternative to the national firms suddenly seem very attractive to organisations striving for greater efficiencies or struggling with budget cuts. This is certainly true at Taylor&Emmet – we have increased our involvement in the motor, logistic, education and social housing sectors. 

Despite the fragility of the current economic climate, corporate transactions and commercial work generally would appear to be on the increase in Sheffield and our pipeline of deals continues to grow. This improved level of activity means the legal profession can, once again, begin to invest in new talent, who will no doubt breathe further life into the local business community.

We also have to recognise that by working together, we are stronger. Larger regional firms, like Taylor&Emmet, can offer a lifeline to small practices that do not have the in-house capacity to diversify. This is something we have been endeavouring to do in a collaborative way through our affiliation to the Connect2Law network.

Recent changes aside, Sheffield is still home to long established legal firms such as Taylor&Emmet. I believe our entrepreneurial spirit, traditional values and forward thinking will shine through, whatever the economy and the government might throw at us. We are dedicated to the city’s businesses and its people and we will continue to deliver the same high quality legal advice.