Chicago’s Huron Consulting Group - a leading provider of business consulting services – found that law firms need to quickly develop strategies based on current trends to protect their market share.
Legal industry
The legal briefing, entitled ‘US Market Trends: Staking Out the High Ground in a Time of Turbulence’, examined the transformation of the legal industry and outlines how several new developments are causing a fundamental shift in thinking about how law firms can compete.
Contrary to expectations, mega-firms are now an accepted way of life and cross-border mergers are succeeding, the report says. On top of this, greater numbers of firms are going out of business and mass lay-offs are now the norm.
Sophisticated consumers
‘Law firms today are operating in a very different world than they were just five years ago. Due to the global recession, most clients’ legal budgets are flat or shrinking, forcing them to become more cost-conscious and selective about the law firms they hire, said John Cussons, director of Huron Legal. ‘In addition to clients becoming more sophisticated consumers of legal services, several legal trends are forcing law firms to reevaluate their market position and strategic approach.’
Email your news and story ideas to: [email protected]
