Today we are no longer dependent on the international network. But Prague still belongs to the cheaper markets, says Alex Cook from Clifford Chance
Maximizing the quality of lawyers from cheaper jurisdictions. Even so, one could describe the approach of the Clifford Chance law firm, which has long been among the ten largest law firms in the world. Together with four other London offices, it belongs to the imaginary “Magic Circle” group, which has dominated the London market for a long time. “I personally do not use the term Magic Circle. It’s more of a thing from the past that we used in London to distinguish a certain group of law firms in the market there as the elite ones. As we become more and more international, the concept of the Magic Circle is no longer relevant,” says Alex Cook on the Best Lawyers podcast.
According to Alex Cook, the Prague office had the best results in its history in the last two years. “The coronavirus pandemic was a very interesting experience. When she started, we were worried across the company that she would have a significant impact. Such a fear persisted for two, three months at the most. It became clear very quickly that we can adapt flexibly,” he says. However, the office has not commented on its turnover for a long time, and Cook himself describes that there is an “unhealthy obsession with turnover” in the market. According to him, it is much more important for Clifford Chance to have the highest possible rating across legal rankings and international reviews. “When you get down to it, the best lawyers on the market just want to do the best work. If you want to want and keep the best teams, you have to do work for the best clients,” he adds.
According to Alex Cook, Clifford Chance’s offices have undergone a major transformation over the past two decades. “Today, each of our offices has a very strong domestic practice and at the same time has a really strong international business. We used to be more dependent on the network. Today, we have a number of foreign clients who have a strong practice in the Czech Republic, such as Pfizer or Mondelēz. But what is unique to me in the Czech Republic compared to other jurisdictions in Central Europe is a very strong investor community. Some Czech groups such as KKCG or PPF have grown enormously in the past decades and have been inspired, the institutions are and have a strong influence abroad as well. These groups have become globally interesting clients for us,” says Cook.
At the same time, this does not mean a loss of emphasis on the network’s international reach. “A company of our type has an extremely strong international footprint. It’s a matter of balance,” he adds, adding that Clifford Chance’s lawyers focus primarily on international mandates. “At the same time, cross-office resources are key for us. An example is my colleague from Prague who helped the Amsterdam office with a mandate for a Chinese client that was governed by Israeli law. That’s our way of thinking for transactions,” explains Alex Cook.
Why keep a separate office in Prague in such an ecosystem? “We are able to build a team of very talented lawyers and of course we have lower costs. Our teams are highly capable and their English levels are excellent,” explains Alex Cook. As part of the Best Lawyers podcast, he also addresses the topic of rates in the legal services market or how challenging it is to become a partner firm. He also describes how much the coronavirus pandemic has changed the office’s thinking about flexibility or whether it is still an advantage these days to have foreign lawyers running local offices.