Deloitte Legal

Managing Partner Martin Bohuslav explains how Deloitte Legal is leveraging advanced technologies and multidisciplinary collaboration to meet the evolving needs of clients in the Czech Republic.   1. What do you see as the main points that differentiate [law firm name] from your competitors? Well, without doubt a great differentiator is the ability to provide bundled solutions together with our Deloitte colleagues in other service lines. This includes solutions involving colleagues such as IT Consultants, Financial Advisors, Risk Advisers, and Tax Experts, among others. Further differentiation comes through our being focused on the most important and relevant topics at the current time. Presently, two such topics are Digitalization and ESG (Environmental Social and Governance). Both topics require major transformational processes to be taken by our clients, which can prove quite daunting for them. However, we are good at transformations! And we offer added support to these clients, making the transformational processes manageable and trouble-free, through our integrated project management capabilities.   2. Which practices do you see growing in the next 12 months? What are the drivers behind that? Beyond Digitalization and ESG transformational projects, I think that we can expect to see growth across the whole spectrum of traditional legal practice areas. Depending on the economic outlook over the next 12 months, this should include M&A transactions, restructuring, or even insolvencies – these areas headed by our Partner Petr Suchy. Our crown jewel is Tax Litigation as well, headed by our Partner Jirina Prochazkova. Since we have the largest Tax & Legal team on the market, I believe we are unmatched in our ability to cover this area and bring true synergies in our service offerings. But it is necessary to mention other areas as well. We advised on the succession planning for a prominent family business, creating a robust framework for the transition to the next generation while preserving the family’s wealth – team led by Ludvik Juricka. And we are really good at compliance and business integrity services (incl. forensics) – team led by Jaroslava Kracunova. We are strong at Banking&Finance area with team led by Jan Prochazka.   3. What's the main change you've made in the firm that will benefit clients? The most significant change we've made is our increased focus on integrating AI into our legal processes. This technology allows to handle larger volumes of work with greater accuracy and efficiency, which directly benefits by reducing turnaround times and keeping the high quality of our services. Additionally, our multidisciplinary collaboration within Deloitte ensures that we provide holistic solutions that encompass not only legal advice but also technological, financial, and risk management perspectives.   4. Is technology changing the way you interact with your clients, and the services you can provide them? Yes, and it has been already mentioned in relation to AI. But not only AI matters. Planning, Communication, and Collaborative applications to provide the client with available comfort and control – these are the ways we want to go. However, AI shall have THE IMPACT.   5. Can you give us a practical example of how you have helped a client to add value to their business? Certainly. Recently, we assisted Ataccama, a leading international software company, in securing a significant investment from Bain Capital Tech Opportunities, valued at billions of Czech Crowns. This investment was one of the most notable in the Czech Republic in recent years and is a testament to our expertise in facilitating complex transactions that enhance our clients' growth and market presence. Additionally, we supported the advisory group Partners in obtaining a banking license. This involved navigating the intricate regulatory landscape and ensuring compliance with all necessary requirements. This achievement not only enabled Partners to expand their service offerings but also marked a significant transformation in their business model. Another example is our involvement with the sale of S&K LABEL and S&K TOOLS to private equity funds. Our legal guidance throughout the transaction ensured a smooth process, aligning the interests of (international) buyers and sellers, which ultimately added substantial value to both parties involved.   6. Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time? We are in the perfect position to be a strategic partner for our clients simply due to our wide practical experience across all industries, and with the major international players. We are good at transformations! And the clients need to transform in many areas nowadays. We are here to help them. With this unique business insight, we can offer proactive solutions, and the best practices taken around the world. Our lawyers, through daily collaboration with other experts, in Tax, Finance, Technology, etc., have a broader business perspective, than those at traditional law firms, which means that they can keep company objectives and goals in mind without only taking a solely narrow legal approach. In three years’ time, we remain a TOP Law Firm on the Czech market, harvesting the technological and organisational advantage of being part of the Deloitte family. Additionally, we will continue bringing a new normal to clients in providing integrated bundled solutions, which traditional law firms will not be able to do without bringing in 3rd party providers.    

What do you see as the main points that differentiate Deloitte Legal from your competitors? We are able to provide our clients with holistic integrated M&A services that is not limited only to a single stream. We collaborate with other Deloitte professionals in audit, tax, consulting, risk and financial advisory to guide our clients through challenges in a coordinated way around the world. We are truly able to provide one-stop M&A services beyond the legal box. We have a global reach, and we are able to assist clients in cross-border deals in a streamlined fashion around the world making it easy and cost-efficient for our clients to manage. Our multi-disciplinary, tech-enabled legal approach allows Deloitte Legal to address legal questions not just in the abstract isolated way but with a holistic understanding of what the client organization is trying to achieve. We expand our knowledge about our clients, the industries they operate in, their regulatory and legislative environments around the world to bring more to the table and provide the best possible legal advice to clients. Our professionals provide tailored and multidisciplinary solutions for demanding projects and complex domestic and cross-border international transactions. Which practices do you see growing in the next 12 months? What are the drivers behind that? We are seeing and expecting growth especially in our legal M&A team. Special focus is on further expanding and strengthening our legal M&A team. What’s the main change you’ve made in the firm that will benefit clients? I was recruited in fall of 2018 to build develop the legal M&A advisory services at Deloitte Legal in Finland that we are offering to our clients today. We are seeing great results in the market as Deloitte has during the past five years been seen in significant transactions also on the Finnish legal market. Is technology changing the way you interact with your clients, and the services you can provide them? We do leverage on leading technologies to deliver efficient and transparent support where considered advantageous, e.g. in case of routine work. Can you give us a practical example of how you have helped a client to add value to their business? We have successfully negotiated complex multidisciplinary and multijurisdictional deals on behalf of our clients. Are clients looking for stability and strategic direction from their law firms – where do you see the firm in three years’ time? I strongly believe that clients are expecting stability and strategic direction from their legal representatives. High competence in the regulatory and all legal aspects is a must. Going beyond that by providing our clients with strategic advice, pragmatic solutions, industry knowledge, network and experience is where we start to generate added value to our clients and that is our ultimate goal. In the coming years, our Legal team will continue to develop and expand further strengthening the services we are able to provide to our clients. Market demand for integrated multidisciplinary and technology enabled M&A services will grow.

What do you see as the main points that differentiate Hadjianastassiou, Ioannides LLC (member of the Deloitte Legal network) from your competitors? We are a distinctly modern law firm which focuses on attaining the optimal combination of human talent and technology to deliver exceptional client service. As the world is changing ever faster, we need out-of-the-box thinkers to help us build the future of our firm. Our multi-disciplinary, tech-enabled legal approach allows us to address legal questions not just in the abstract isolated way but with a holistic understanding of what our clients are trying to achieve. By putting our clients in the hearts of everything we do, we push ourselves to expand our knowledge about our clients, the industries they operate in, and their regulatory and legislative environments around the world so that we can provide perspective that will add value to our clients’ organizations. Global integration, Business Integration and Technology Integration are the main points that differentiate us from our competitors. With over 2,500 legal professionals in more than 75 countries that work together across borders, we have developed a strategic perspective which enables our clients not only to meet their local responsibilities but also to thrive in the global marketplace. We have access to industry specialists and a broad range of professional services spanning strategy, finance, human capital, risk, technology, audit, tax and, of course, legal, to meet our clients’ complex business needs and to provide a one-stop-shop for our clients. We employ technology to pioneer innovative legal solutions. It is part of the Deloitte organization, which has collected several technology-related accolades and has a strong track record in providing technology solutions, both through in-house capabilities and alliances with technology companies. The combination of legal skills with innovative service delivery, solution platforms and intelligent data analysis enable us to provide innovative solutions and unparalleled services to our clients. Which practices do you see growing in the next 12 months? What are the drivers behind that? Cybersecurity and privacy: With the exponential rise in the use of technology, privacy and cybersecurity risks are greater than ever, requiring companies to create robust frameworks ensuring the proper management and protection of their data. At the same time, new laws (particularly within the EU) are expected to come into force in an effort to catch up with and regulate technological advancements such as AI, crypto-currency and digital markets. Environmental sustainability: Climate change has highlighted the need for urgent action on environmental protection. At the same time, there has been a rising pressure on companies to improve their sustainability-related performances and comply with ever-expanding regulations in ESG (Environment, Social and Corporate Governance). Together, these are fueling demand for ESG-focused legal services. Health (including digital health): This area of law has seen a surge in demand especially, but not exclusively, due to the covid-19 pandemic. With this heightened importance on health and hygiene more people are seeking control of their health information and wish to monitor their health through the use of digital healthcare products and devices (such as wearable devices, health record platforms, patient-physician portals etc). The rapid pace in innovation in digital health brings with it significant regulatory and policy challenges (be it in terms of IP, privacy and cybersecurity, product liability etc.) which lawyers will be expected to navigate more and more in the coming years. Artificial Intelligence (AI): AI is already taking over the way law firms work. The rapid developments in artificial intelligence are expected to reshape the legal profession and a number of practice areas themselves. The benefits of AI in the drafting of contracts, predicting legal outcomes or recommending judicial decisions, increasing productivity and avoiding costly mistakes are real and tangible. Law firms that embrace emerging AI technologies will be able to benefit from higher efficiency enabling them to meet the higher demand for legal services and to offer services at lower cost. What's the main change you've made in the firm that will benefit clients? Business Integration: Our cooperation with the Deloitte Legal international network allows us to have a first seat of view of solutions to issues arising all over the world, draw on know-how from our counterparts in other jurisdictions to maintain our understanding and market awareness up to date and work in multi-jurisdictional transactions as one team to deliver a product of consistent quality. It strengthens our practices and allows the client to benefit from commercially sound, implementable solutions with a one stop shop service both across service lines and across jurisdictions. Regulatory: The increasing complexity of the global regulatory environment challenges clients to find solutions for greater organization, specialization, and sectorial knowledge. Deloitte Legal combines global perspective with local insights to help them develop and execute on those solutions. We have enhanced our human capital and technological capabilities to support our clients in navigating through the modern regulatory minefield. Enhanced security and business continuity: We have successfully renewed our ISO 22301 ‘Business Continuity Management System’ and ISO 27001 ‘Information Security Management System’ certifications. Obtaining the ISO certificates is especially important during times of uncertainty as it ensures we have the right capabilities to proceed with business as usual. The certifications confirm that we are in position to protect and best serve our clients without disruption and with high levels of protection of their confidential and personal data. Data classification: We have introduced a data classification and data management service which protects our clients’ business and personal data. Is technology changing the way you interact with your clients, and the services you can provide them? Technology has become an essential part of our lives and it definitely keeps changing the way we interact with our clients and the services we can provide them. At Deloitte Legal, we have introduced technological tools and stayed apprised of emerging legal technologies so that we can deliver maximum value to our clients. We use an integrated law firm management suite which provides a single source for all our data. We have implemented a document automation solution and we are slowly moving towards a paperless practice. Our contract automation tool allows for the creation and management of contract templates and the easy generation of draft agreements. This eliminates the hassle of finding and populating suitable templates, allowing the in-house lawyers to focus on the productive aspect of a task. We provide matter management and global risk and compliance tools as a means to keeping up to date with constant changes in compliance and regulatory matters. We consolidate all contracts in a centralised repository, helping clients access key documentation quickly and efficiently, while driving insights that are easy to digest to unlock additional value. We have adopted an electronic signing platform to facilitate the online execution of documents which eliminates the hassle of exchanging originals, save time and is an eco-friendly solution. We utilise e-discovery tools that facilitate due diligence exercises and document disclosures in litigation or data analysis. We have in place a data classification and data management service aimed at protecting our clients’ business and personal data. Importantly, all of the above can be achieved from an office-less environment where data and tools are accessed at anytime from anywhere with secure cloud services. Can you give us a practical example of how you have helped a client to add value to their business? Client-specific seminars and training: We often run seminars/trainings for our clients (for example to banking institutions, systemic and otherwise, governmental authorities (Department of Registrar of Companies and Intellectual Property), major service providers)), tailoring the material to their needs. We add value to their business and know-how by updating them on the latest legal and commercial developments affecting their organisation and the industry in general and educate them on how to adapt and conform with such developments. Proactive problem solving: We work closely with our clients to anticipate any potential problems that may arise and how to prevent them. This helps our clients minimise their cost and legal exposure by: Avoiding litigation costs and costs in dispute settlement. Minimising cost of work done in our law firm as against their inhouse departments. Providing them with standardised templates to ensure the needs of the business can be met in a timely manner that minimises risk. Employment law: Our firm has recently enhanced its focus on employee benefits, taking into consideration the recent trends in giving value to our clients’ employees (thus our clients’ businesses as a whole) with less traditional methods. We assist start-ups to receive quick and robust advice in setting up one of the most significant aspects of every operation, human capital. Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time? Clients certainly appreciate stability and strategic direction from their legal advisors. As the legal sector changes and competition increases, clients are looking for commercially and legally viable solutions recommended by their lawyers who understand their strategy and business goals. In three years’ time, we see our firm on a steady road implementing the specific, realistic and attainable goals set today. Growth on multiple levels is the firm’s three-year business plan, in terms of recruiting more and capable staff, expanding and perfecting practice area niche and adopting further legal tech. Our determination to provide exceptional client service involves equipping our clients with reassurance and confidence. Building on our accomplishments, we plan on continuing stronger.

What do you see as the main points that differentiate Deloitte Legal Hungary from your competitors? While conventional law firms tend to develop their own business advisory units to address multi-dimensional business needs, we offer the real deal as we are backed by the strongest and largest powerhouse in the Hungarian business advisory scene. We are used to work side by side with Deloitte’s financial advisory, consulting and tax professionals which allows us to provide integrated services. This holistic approach enables us to offer legal services not just in the traditional areas of law but on a much broader horizon, such as ESG, data privacy, cybersecurity, fintech, AI, digitalization, and other matters involving transformation. We believe that our holistic, tech-enhanced approach makes us different in the market and provides value to clients they cannot obtain at conventional law firms. In addition, as Deloitte Legal Hungary is part of the global Deloitte Legal network, our clients benefit from being part of a global network with access to lawyers in a number of jurisdictions. We leverage off this global offering to provide clients with a truly multidisciplinary and cross-border end-to-end service. Which practices do you see growing in the next 12 months? What are the drivers behind that? Due to recent economic developments, regulators rapidly expend regulatory requirements, and such changing regulatory environment has a significant impact on the financial sector. We see an ever-increasing need for advice in financial regulatory and compliance matters. Also, in the wake of emerging technologies we believe that venture capital and private equity practice will continue expanding in all ranges of companies, from start-ups, fast growing, mid-market businesses to global companies. Lastly, as in many unstable economical situations, we expect a growth in insolvency, restructuring and dispute resolution mandates. What's the main change you've made in the firm that will benefit clients? We have continued implementing our ambitious growth strategy, namely increasing our teams in several key practice areas, such as energy, finance regulatory and tax litigation. We are investing in our people and in technologies so as to enable them to serve clients effectively on a multidisciplinary basis. Is technology changing the way you interact with your clients, and the services you can provide them? Absolutely. As an example, the number of on-line meetings has substantially increased. This allows us to handle matters more efficiently for the benefit of our clients. This is even more true in case of cross-border mandates. In general, we observe a growing role of technology in the legal world. Being part of the Deloitte network and having access to a wide range of IT and technical expertise enables us to not just follow but set these new trends. Out teams are constantly developing tools and offerings tailored specifically for the legal industry. Such tools range from technology-enabled due diligence solutions to services which supports general counsels seeking to increase the efficiency and effectiveness of legal and contracting functions of multinational companies through the use of technology and process improvement and legal departments to outsource their corporate compliance, thereby achieving improved management of complexity and risk, greater control of data and insights into the entity compliance process. Can you give us a practical example of how you have helped a client to add value to their business? Due to the pandemic, Hungarian legislation provided some help and loosened the legal regulations concerning corporate approvals that were essential to enable the market to perform their legal obligations under the law, and also to perform business, almost, as usual. Our M&A team was on the forefront and while always monitoring the day-to-day changes to Hungarian and European legislation, we not only effectively advised clients on the implementation of changes but could also demonstrate our flexibility and efficiency by supporting clients through the entire lifecycle of a transaction remotely and online, without physical interaction. Such approach benefited our former and new clients and was also highly acclaimed by them. We believe that our ability to react to rapid changes in the market and the novel approach by our professionals towards their work while meeting clients’ high demands and needs in isolation, was best characterized by high client satisfaction. They were still able to successfully complete transactions despite the challenges that the pandemic brought to the business environment. Are clients looking for stability and strategic direction from their law firms - where do you see the firm in three years’ time? Solid technical skills are no longer a competitive edge but rather the bare minimum in the legal industry. We strive to become the trusted advisor of our clients, who understands and can address the real challenges that they face. While Deloitte Legal Hungary is still relatively young, results show that we are heading to the right direction. Many of our practice groups became market leaders on their fields. We would like to keep the same dynamic growth which will pave our way to become one of the largest firms in Hungary. We provide all of that in a one-stop-shop firm with a broad business outlook, that shares the ambitions of our clients, with the focus of helping our clients to succeed.