It’s been a year of shakeup in the legal market. Law firm leaders are trying to address market stagnation through lateral hiring and combinations of various sizes. All law firm leaders are asking themselves the tough questions:
Are we growing, are we taking care of our clients’ needs?
Which markets do our clients need us in?
How are we addressing client concerns regarding fees?
Who is our competition?
Where are we light on talent? And the list goes on.
Many firms are trying to be more client focused, which has demanded a level of innovation that we haven’t seen. Accounting firms, contract legal staffing firms, technology are all moving into the legal space. Thomson Reuters and Georgetown Law recently put out an interesting article addressing the state of the legal market.
“The law firm market is increasingly segmenting between firms willing to adopt new business models, processes for delivering legal services, and pricing, staffing and compensation models that reflect the new market dynamics, and firms that retain more traditional approaches,” said Mike Abbott, vice president, Client Management & Global Thought Leadership, Thomson Reuters.
Although firms still technically bill a majority of their work on a billable hour basis, budget caps imposed by clients mean that as much as 80 to 90 percent of law firm work is now done effectively outside of the traditional billable hour model.”
Who is Working with You?
The best way to address these issues is to practice with those that approach legal the same way. There is huge value in a culture that is moving in the same direction. Do you feel your firm is client focused? Everyone says it, but as they say, actions are louder than words. Is your law firm taking good care of its people? Are you showing everyone that they are valuable? And, I don’t just mean monetarily.
PS Companies specializes in placing lawyers into corporations and law firms. We specialize in helping lawyers find The Right Fit.
Nate Bogdanovich | Executive Vice President