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Tag Archives: legal industry study

Infographic: Law Firm Obstacles along the Quest for Growth

Law Firms Face Obstacles along the Quest for Growth-header

Note:  The following is a post from contributor Chas Schmidt, a senior copywriter at LexisNexis.  Competition.  It’s the number one barrier to growth, according to the recently released LexisNexis survey, Law Firms in Business Development Transition: Marketing, Business Development and the Quest for Growth. Besides having to joust with other firms to impress the same collective of prospective clients, survey ... Read More »

Law Firm Competition: Buyers Becomes a New Entrant

Law Firm Competition Buyers Becomes a New Entrant

One of the five factors in Porter’s Five Forces model, a framework for evaluating a competitive environment, is the “threat of new entrants.” The 2015 Law Firms in Transition study by Altman Weil finds this “threat” is broadening category. “Eighty-three percent of law firm leaders say they believe competition from non-traditional service providers is a permanent change in the legal ... Read More »

23 Things to Change in Law Firm BD and Marketing

23 Things to Change in Law Firm BD and Marketing

If you could change one thing about your law firm, practice, department or function – what would it be? We often pose this as a final question across surveys we conduct and leave the answers open-ended.  The responses are usually candid, unfiltered and pretty insightful.  For example, there are plenty of things lawyers would change about law firm billing. In ... Read More »

Key Metric: The Current Law Firm Billing Rates by Practice Area

Current Law Firm Billing Rates-small

Billing rates in some practice areas are growing faster than others, according to the most recent CounselLink® Enterprise Legal Management Trends report, published last week. The latest report – a mid-year update based on data ending June 30, 2015 – identified “IP-Patent” and “Regulatory and Compliance” as two practice areas where billing rates have risen. As the full report says, ... Read More »

How Law Firms Plan to Fuel Growth in the Next 12 Months

How Law Firms Plan to Fuel Growth in the Next 12 Months

Competition is the top barrier to growth according to a recent survey of law firms, alongside a deluge of anecdotal evidence.   In response, law firm business development is heating up with the mechanisms ranging from compensation and incentives — to the warming notion of hiring a professional law firm sales force. If the trend towards business development is a strategic shift, ... Read More »

Legal Spend Trends:  Big Law Billing Rates Rising

Legal Spend Trends Big Law Rates Rising-header

A new legal spending trends report finds big law billing rates grew notably – pushing a 6% increase in the gap between the top two tiers of law firms, by attorney headcount, from 38% to 44%. Median partner rates at the “Largest 50” law firms – those with more than 750 lawyers – rose to $711 per hour, based on ... Read More »

3 Studies Suggest Law Firm BD Heating Up With Competition

Trending Law Firm BD Heats Up With Competition

Business development is heating up in law firm circles. Market research firm BTI Consulting, known for its benchmark survey research, has called the climate a “Predator’s Paradise.”    More recently, the research firm spied opportunity by noting corporate counsel is shifting some work back to law firms – but only for “bet- the-company” litigation business.   Some of our own ... Read More »

Infographic:  Litigation Market to Thaw in 2016

Infographic Litigation Market to Thaw in 2016 says BTI Consulting-header

Market research firm BTI Consulting forecasts a “thaw” in litigation spending in 2016 and anticipates overall spending to increase for the first time next year since 2011. The firm recently published an infographic which coincides with the BTI Litigation Outlook 2016 report.  It also summarizes key findings in a snapshot with a post titled 6 Trends Shaping Litigation in 2016. ... Read More »

New Study:  Emerging Story of Law Firm Business Development

New Study Law Firms Emphasize BD Ways and Means Vary

Competition among law firms is fierce. It’s so fierce that in a newly published survey of 400 law firm marketing and business development (BD) professionals, 52% said competition is the #1 barrier to law firm growth.  Law firms large and small were well represented in the survey: 1-50 attorneys:  18% 51-200 attorneys: 30% 201-500 attorneys: 24% 501+ attorneys: 28% As ... Read More »

SlideShare Friday: The 2016 Outlook for the Legal Profession

The 2016 Outlook for the Legal Profession

In just about two weeks, we’ll be headed into the fourth and final quarter of 2016.  Strategic planning for the next year, if it hasn’t already started, is likely to begin in earnest. Robert Half Legal recently published survey data on the outlook for 2016, which looked at both demand and compensation expectations.  The presentation is embedded below and it’s ... Read More »