Shrinking Demand? Top 7 Reasons Firms Are Leveraging Experience Data
While the competition for outside legal services has never been more intense, the strategic approach firms take — including a strategic approach to technology — will define whether the market pressures are a threat or opportunity.
March 31, 2023 at 08:30 AM
6 minute read
Law Firm Marketing and Business Development
The original version of this story was published on Law.com
This article appeared in Marketing the Law Firm, an ALM/Law Journal Newsletters publication reporting on the latest, and most effective, strategies for Chief Marketing Officers, Managing Partners, Law Firm Marketing Directors, Administrators and Consultants.
The competition for outside legal services has never been more intense. 50% of buyers have adjusted their law firms in the last 12 months, and that will continue through 2023. See, 2023 Thomson Reuters State of the Legal Industry. Shrinking demand translated into a productivity loss totaling, on average, a $98,000 loss in fees per lawyer as compared to a similar lawyer in 2007.
Add to this an expanded playing field of competitors that now include an array of midsize law firms, boutique and specialty firms, accounting firms, new law companies, and the proliferation of other, well-funded alternative legal services providers who are taking significant client and market share away from traditional law firms. See, 2023 Alternative Service Legal Providers Report from Thomson Reuters.
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