LONDON, ENGLAND--(Marketwired - Jan. 20, 2017) - Like so many industries across the globe, the law sector is currently undergoing a transition - one shaped largely as a result of new technology. During this period of evolvement, there are some in the legal services industry that have proved quick to adapt and willing to redefine themselves, these firms have been named in the World Finance Legal Awards 2016.
Over the past year, numerous traditional firms are struggling to cope with alternative business models, with those that lag behind new trends and dismiss technological advances, finding themselves sinking fast. To make matters worse, the demand for law services is slowing fast behind the supply, which unfortunately means that many companies have let go of their best talent, in spite of the long-term risks this holds for them in increasingly competitive international markets.
Despite such hurdles, however, in 2016, resilience has been seen across the globe. The 50 largest law firms in the UK, for example, realised revenue growth between 2015 and 16 for the sixth consecutive year. What is interesting about the UK example is the economic uncertainty that has prevailed in the country since the June 2016 referendum outcome. This shows that even in times of upheaval, the very best of the legal industry can still triumph.
This can be seen in other countries too, including the Philippines, Austria, Italy and, of course, the US, which have also had their fair share of disruptions. Despite this, their respective legal sectors have proven that they can weather even the mightiest of storms. These cases shed optimism on other regions that face their own challenges and hurdles in the year ahead.
In celebration of this resilience, World Finance has awarded the legal firms and individuals that have set new standards and proven themselves to be leaders among their peers throughout the past year. Those named in the World Finance Legal Awards 2016 have addressed key issues in the industry head on, expanded even in the face of stagnant economies, and perhaps most importantly, embraced new technology, all of which are helping them to best serve their clients, both old and new.
Last year may have been a tumultuous year for the legal industry, but there are those that have stood out and risen above it all, thus making them a perfect fit for this the World Finance Legal Awards 2016.
To see the full list of this year's winners, pick up the latest issue of World Finance, available both in print and online now.
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