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Denys Myrgorodskyi, Managing partner,Dynasty Law Firm

CEO James Smith explains how the firm is adapting to clients’ changing needs

What do you see as the main points that differentiate Dynasty Law Firm from your competitors?

We are living at the time, when it is no longer enough to be a great lawyer. If you want to have sustainable and strong market position, you should understand business of your client. It means you should know its business model, specific market indicators and even watch current market prices and their forecast. Also important to know main market players and their business practice. Otherwise, it is impossible to decide which legal tool or strategy will be most efficient on this specific market or precise situation

Other issue is sincere desire to benefit your client in every project. It is something that often declared by the law firms in their client care policies, but reality is rather different. A lot of the client came from other law firms with complaints for negligence and indifference to clients’ interests. It is highly important not just declare, but also really fulfill this principle on daily basis.

Which practices do you see growing in the next 12 months? What are the drivers behind that?

Following significant economic growth during last two years every practice is growing up rapidly, but M&A and foreign investment support are break through the roof. Just for the last 12 months, we had transactions in real estate, food market, agricultural, machinery branches of industry. Even more potential projects are in early negotiation stages.

Another area that shows strong grows is supporting of auctions where governmental Savings Guarantee Fund trades with the assets of the liquidated banks. Every of these auctions needs deep legal analysis of assets origin and many of them ends in the hall of court. 

What's the main change you've made in the firm that will benefit clients?

The main thing that we can make is to hire right people. For many years of managing law firm I understood, that any business process couldn’t help you to teach lawyers take care of the client if you apply it to the wrong people. When staff of you company really worry about client needs any client care checklist will be processed easy and naturally and in many cases just no need in it.

That is why last year we reassess our recruitment program and invite to the firm new young lawyers focusing on theirs mindset as carefully as on the professional skills. We added to our team open-minded players with strong compassion and positive thinking approach, who really obsessed with idea to benefit the client. I think it is best way to provide it.

Is technology changing the way you interact with your clients, and the services you can provide them?

Yes and no. Technologies save our time for collecting and transferring information tremendously, but at the outcome, they are just new tools for accomplishing old goals. Inside of new technologies we are still (as our colleagues many years ago) resolving client problems and preventing them.

Can you give us a practical example of how you have helped a client to add value to their business?

can give you many examples like that, but I have my favorite one. In 2014, one of the food packaging materials factories in Ukrainian city Dnipro came to the bankruptcy. Its management was inefficient and collected debts in several times more, then coat of all assets of this factory, so the banks and other creditors had no chance to cover theirs loans. One of them hired us to resolve the problem.

We have found two investors, who knew the market and technology, and we have set agreement with the creditors about restructuring of overdue loans. Finally, investors agreed to come into project with condition, that our Law firm will put own money in this investment and will be directly involved in the management process. We set a deal and in fact became a shareholders and part of managing team in this project.

In 2018 this factory had beaten all historical records of producing capacity, revenue and profit, reaching second place in Ukrainian market of this industry. Ukrainian division of the World Bank visited our factory and described it as a best example of distressed assets recovery in the country.

Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time?

According to our approach, that lawyer should clear understands clients business and market, it is very likely that in three years we create in our firm special market and investment division that will consult clients in business matters close to legal practice in commercial cases and even manage some of the clients investments (what we actually do today too). It can help to the client get in one place several close related services, such as legal and financial analysis, local market research, drafting of the business plan, etc.

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