Since the financial crisis shook the world economy—and the U.S. legal market—law departments have had to adjust to new ways of doing business that emphasize cost savings and efficiency. Outside law firms, which experienced the downturn in their own ways, have had to adjust to new in-house expectations accordingly. The latest iteration of an annual report on the legal market by the Center for the Study of the Legal Profession at the Georgetown University Law Center and Thomson Reuters Peer Monitor shows that although the legal market is growing at a modest rate, these firms still have work to do if they want to better accommodate the latest buying (and spending) habits of their clients.
The “2015 Report on the State of the Legal Market,” which analyzed data on firms from the Peer Monitor benchmarking tool, reveals a clear advantage on the buyer’s side of legal services. It also suggests that firms, instead of just responding to immediate client needs, take the long view and tailor services to where the legal market is going, rather than where it is today.
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