The Trend to Watch: Forecasting the Future Direction of the Legal Market
In-sourcing and other client-side trends have dominated the conversation in the legal market over the past decade. One trend suggests the future will look slightly different.
September 18, 2019 at 03:41 PM
10 minute read
The original version of this story was published on The American Lawyer
The most important legal market trends of the past decade have been related to changes in client sourcing and buying patterns. Chief among those trends is the decision of general counsel to in-source legal work. Make no mistake, technological changes have been important, as has the rise of the alternative service provider. That said, when the data is analysed, one can make a fairly convincing case that these important changes pale in comparison to the in-sourcing trend.
Sceptics of this argument should look no further than a 2017 Altman Weil survey of law firm managing partners. When asked to identify who their firm was losing market share to, 82% cited their own clients' in-house teams. In-sourcing, it turns out, has been the most powerful force of disruption in the legal industry during the past decade.
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