Frankness and honesty ensure sustainability

My firm has been running a research project called the 'Yorkshire Economic Index' for almost two years. The findings demonstrate the economic health of our region's economy, and the last two studies report that while the business scene in Yorkshire is not quite in rude health, it is most certainly on the road to recovery. The key focuses of the twice-yearly study are job creation, new investment and contract wins.

Yorkshire firms have reported that they continue to gain new business at a healthy rate and are starting the recovery process by hiring new staff and making further investment.

The Yorkshire Economic Index, which measured data from June to October 2013, has revealed that at least 1,376 private sector jobs have been created in the region and that new investment totalling more than £14,650,000 has been made by businesses throughout Yorkshire. These positive findings show that our SMEs are now more confident
in investing in the growth of their businesses and are reaping the rewards that go hand in hand with this increased level
of confidence.

Many firms are changing, with 'nearly a third' of Yorkshire firms looking to merge within the next three years, according to a recent PricewaterhouseCoopers report, which found that 2013 had been a watershed year for the legal sector in the North. Merger activity and internal restructuring are consolidating the market.

Many Yorkshire firms continue to provide a quality of service for a reasonable and competitive price. Our company commercial litigation and private client departments are all performing very soundly, with growth particularly pronounced in our commercial litigation department - another sign of confidence returning in that sector. The demand for property services is starting to pick up as well, bolstered by the tentative recovery in the construction and housing markets.

We enjoy long term relationships with our clients and pride ourselves on our low staff turnover, at all levels. Some of our peers like to call us 'secretive and old-fashioned.' We prefer to call ourselves 'discrete and traditional.'

We are not alone in our approach. There will always be a place for a law firm that prefers to build long term trust and loyalty by delivering a reasonably priced service, rather than a fixed price commodity where too often the needs of the client are neglected or glossed-over in an attempt to make one size fit all. There is nothing wrong with challenge or change. All too often, however, those proposing change have an agenda of
their own more to do with return on investment than the needs of clients.

The pace of change will only continue to increase. Whatever the trappings of legal practice may be, I remain convinced that continuity of service, frankness and honesty in advice and giving real value for money remain the keys to meeting the challenges posed by the diversity of client needs, irrespective of who the client may be.