During the Ukrainian Global Law Talks, Stephen Revell, a global expert with 40 years of experience, shared actionable strategies for Ukrainian lawyers on how to adapt to modern challenges, remain competitive, and integrate innovation.

Key Challenges: Financial Discipline, Client Relationships, and Succession

According to Stephen, “financial housekeeping is the basis of stability”. Many firms, even large ones, face gaps in billing and financial control. His advice is simple yet essential:

• “Make sure you’re billing promptly and transparently.”
• Adjust fees to match the market.
• Maintain financial clarity.

In terms of client relationships, Stephen highlights:

“Go and listen to [clients] regularly. See what they have to say about their own business. They don’t like talking about your business. They want to understand their business.”

When it comes to planning for the future, he poses a critical question:

“Are we bringing in young partners? Have we got the future structure of the firm in place? Do we know what happens when partners leave?”

Innovation and Artificial Intelligence

Stephen views AI as an inevitable change that must be handled responsibly:

“Some firms are thinking of AI as a team member, something that we can delegate a whole lot of work to. But we need to think about it as a good tool, not a threat.”

AI already assists lawyers with client preparation:

“It tells you when you last saw somebody at that client, what you talked about, and does it all in a one-page summary. It gives you confidence walking into that meeting.”

However, he warns of the risks:

“We need to be saying to our lawyers, ‘Okay, experiment, but ensure you do not leak confidential data.’”

Global Connections and Opportunities for Ukraine

Stephen emphasized the value of international platforms like the IBA, urging a strategic approach:

“Think strategically: What firms do you want to meet? Which panels do you want to speak on? Follow up after these interactions.”

Regarding Ukraine’s reconstruction, he pointed out:

“Big companies like Bechtel already have their plans. Which law firms will they use? Find out and develop those relationships.”

His advice for Ukrainian firms is to position themselves today:

“Where will my law firm be most active in a post-war Ukraine? Have I built the relationships that will help us get involved in reconstruction efforts?”

Retaining and Developing Talent

One of the most pressing challenges for law firms globally is talent retention. Stephen highlights a key misconception:

“Too many law firms think of their people almost as productive units. We need to ensure we’re developing our people to be better lawyers and better professionals.”

Exit interviews, he suggests, are critical:

“If you’re not doing exit interviews, do them. Ask why people are leaving and address the gaps.”

The Legal Profession as a Calling

Reflecting on his own career, Stephen shared his passion for the profession:

“I can honestly say I enjoyed every day of it. Our profession is a fabulous one, and we need to instill that into younger generations.”

His message to lawyers:

“The rewards, and I don’t mean just the money, are immense. It’s a profession we should be proud to be part of.”

Stephen Revell’s insights offer a clear roadmap for Ukrainian law firms to thrive amidst change. By focusing on financial discipline, leveraging AI responsibly, building global connections, and fostering talent, firms can secure a sustainable and successful future.