The winds of change are howling around the legal industry. The ecosystem of legal services — that marketplace in which traditional firms, boutique firms, temp agencies and outsourcers vie for the work of corporate legal departments — is in the midst of a significant evolution. As general counsel, the buyers of legal services, continue to face increasing cost pressures, they are flexing their considerable muscle to fundamentally alter their relationships with these providers to extract greater value for each dollar spent.
For a handful of the most successful traditional law firms, this environment brings an opportunity to adapt, differentiate and garner the premium price-insensitive bet-the-company work that will drive growth in profits per equity partner. For most others, it will mean a new era of competition, both with other traditional firms and with a new category of firms that enter the market in response to the needs of corporate buyers. This evolution in the ecosystem of legal providers ultimately will align the industry more efficiently and more effectively with clients’ businesses and goals.
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