Businesses across all industries and markets are responding to the current economic reality in many ways. While one company maintains a strong course one way, another might find a different approach to be a better fit.
Thomson Reuters, Legal, President & CEO Peter Warwick offered his perspective on the company’s approach in a panel discussion, “Adapting and Thriving in a Challenging Economy”, at the Minnesota Venture & Finance Conference yesterday at the Minneapolis Convention Center. The other panelists were Gary Blackford, CEO, Universal Hospital Services; Jim Dolan, CEO, Dolan Media; and Howard Root, CEO, Vascular Solutions.
Moderator Dan Carr, CEO of The Collaborative, a Minnesota-based organization that serves growing and emerging companies, entrepreneurs, investors and executives, asked the panel how the economy was affecting the industries they serve and how their businesses are responding.
“There was a feeling that if an economic storm hit the United States and global economy the legal industry would always be a stable and dependable ship – that’s true compared to many other industries, but even law firms have felt some impact from the downturn”, Warwick said. He added that, despite the challenges confronting the legal market resulting from the recession, the company is more committed than ever to strategic investment, noting, “We must continue to invest to be in the best position in the changed environment in the future.”
In addition to the company’s growing suite of workflow tools that enable lawyers and legal professionals to work more productively and efficiently, Warwick also mentioned consulting services that can support law firm operations and client development as engines for new growth. He cited Peer Monitor from Thomson Reuters’ Hildebrandt consulting group as an innovative benchmarking tool that shows law firms how they match up against their competitors.
Carr asked Warwick about the approach to acquisitions at Thomson Reuters, Legal.
“At a time of rapid change, being able to move quickly to acquire new business is more important than ever,” said Warwick. “We are very interested in acquisitions, particularly when combined with our own resources and capabilities. This way, we can integrate the businesses, and move into areas where we see more growth opportunities.”
Warwick also highlighted how the company is developing a true global culture, and strengthening the skills of Thomson Reuters employees around the world.
“We’re working very hard to make sure we move people and technologies into areas where we think there will be growth,” Warwick said. “We’re very conscious that the most important asset we have is our people. And because we’re global, we’re making sure we give people the opportunity to experience markets outside the U.S., and bring people into our core business here.”
Warwick closed his discussion by talking about the importance of maintaining strong relationships with customers, and the spirit of innovation that is fueled by customer feedback.
“Over the years, we have had good relationships with the key decision makers in our industry,” said Warwick. “From the days the West brothers began their legal publishing business, we have based our business on being innovative and adding unique value.”
For more on the Minnesota Venture & Finance Conference visit this website.
Posted by Kevin Hunt in:
In Business | Industry trends |
Share
