Boutiques bloom as the legal market adapts to a sluggish economy
Although the eurozone crisis has in the main swerved the Netherlands, things have taken a turn for the worse recently. The eurozone’s fifth largest economy has had its AAA credit rating slashed to AA+ by Standard & Poor’s on the basis of its poor growth prospects. GDP is expected to shrink by 1 per cent in 2013, an about-turn from a May estimate of 0.8 per cent. Growth in 2014 is estimated at just 0.2 per cent, down from a previous estimate of 0.9 per cent.
As a result of the struggling economy, clients are becoming more critical of the legal market.
“The market is maturing and becoming more specialised,” says Van Campen Liem partner Marcello Distaso. “Clients are not just going for a big brands anymore but are looking at factors such as quality of service and the people.”
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