Law Firm Business After Recession
If we go behind the ten years and more, we mean after the 2008 global recession then we’ve witnessed a serious downfall and decline in the global economy. It drove many businesses away from the hub and many businesses lost their identity forever. Dubai was not different from the rest of the world as well. The recession hit almost every kind of business. As far as the Law Firms in Dubai, Sharjah, and UAE are concerned then, the law firms were enjoying remarkable levels of growth and prosperity.
LAW FIRMS IN DUBAI
Though the Law Firms in Dubai, still performing well, they are still hiring the best staff known as the top and No.1 Lawyers in Dubai and Legal Consultants in Dubai, but we can’t ignore the truth that the recession also hit the market of Law Firms. It also became a reason the Law Firms changed their work strategy and move to the latest implemented strategy. It is a perception that when there is a CAOS in the trade market then Law Firm will earn more. It is not like that. When there will be a CAOS and a bad financial condition in the market then the purchasing power of the people will be reduced.
Therefore they will not prefer to acquire supportive legal services though this is a requirement sometimes. We all know that services like law, medicine, etc can’t be managed by the people themselves. But there is no solution to the utmost need. That is why when such a condition happens or comes then people prefer to hire cheaper lawyers and it also gives birth to another dispute.
The dispute in which cheap lawyers run their businesses and bring a loss for the client at the end of the Case. The reason is quite simple they are not capable of delivering. The international recession also brings such unwanted and unavoidable situations.
The Last Notes
Some partners might even attribute their success to all or any clever branding they put into place years before. But, when the threat of monetary crisis enters the picture, an equivalent firm can quickly devolve into self-predatory behaviour- a vicious circle of fear and greed that inevitably turns into an “eat-or-be-eaten” culture- which for many firms marks the start of the top. The point is that when a law firm is driven by its cherished beliefs and core values, the firm will begin to measure by them, especially in times of adversity. The firm will gather and rally behind its leadership, and with clarity of purpose, everyone will do what must be done to weather the storm. But when there exists a fundamental contradiction between what a firm says they’re, and therefore the way they really conduct themselves both internally and to the world- the vendors with whom they are doing business and the clients they represent- the firm will never reach its full potential. it’ll remain dysfunctional and it’ll risk joining that growing list of failed firms.
But the Law Firms in Dubai, as well as the UAE, are also surviving despite the severe economic attacks. The reason behind this is quite elaborative in nature but we can mention a few here for the readers;
- The Law Firms, means Emirati Law Firms in UAE are controlled by Emirati Lawyers, the best in town.
- The Checks and Balances by the Government are quite strict and fully enforceable. Law Firms can’t cheat the clients and if the clients have any issues then they can go to the Ruler’s Court. It’s a beautiful rule which is only applicable in a few countries in the world.
- Status and quality have to be maintained in every industry in the UAE. UAE authorities do not compromise if someone is violating the laws and operating in the UAE. Such businesses are immediately removed. Therefore the Law Firms’ management knows that they have to work and deliver if they have to survive. Survival means only to deliver here.