Global law giant DLA Piper has launched a seven-sector strategy as the firm bids to sharpen its focus from its current 15 and foster greater cross-selling.
DLA Piper, which is pushing a high-profit agenda that last year resulted in a 13% jump in profit per equity partner to $1.33m, will reduce its sector focus from 15 to seven industries. These are: banking and financial services; life sciences; real estate; insurance; technology; energy; and media, sports and entertainment.
The firm will channel the vast majority of investment into these seven sectors after a report in June selected them as high-growth markets where the firm has a strong footing. The study, commissioned by co-chief executive Simon Levine, was conducted by sector heads Ann Ford and Jan Geert Meents.
‘We will hold the sector head more liable for the success or lack of success of the firm over the next years.’
The seven sectors currently account for around 55% of the firm’s revenue, with energy and media, sports and entertainment currently the smallest but seen as having huge growth potential. DLA’s energy group was also boosted in March following the firm’s merger with Canadian mining specialist Davis.
Meents said: ‘We will hold the sector head more liable for the success or lack of success of the firm over the next years as these are the important sectors for the firm. They will also provide a blueprint for other sectors, which could then become key over time.’
tom.moore@legalease.co.uk