Since the economic downturn, the legal industry has experienced dramatic changes. After the initial market crash in 2008, law firm revenues have been slow to recover. In an article in The New York Times, authors of a survey from Citi Private Bank’s quarterly report on the legal industry were quoted saying, “the demand for traditional law firm services has remained relatively soft, the supply of legal service providers has increased, creating a hypercompetitive market and forcing law firms to think about how they deliver legal services.”
Clients have started requesting service level agreements (SLA) to ensure they are getting the best value for their money. Given that trend, law firm leaders have had to look for new ways to control costs and be more aggressive with their billing practices in order to maintain profitability and meet client demands. In addition, according to the 2016 Altman Weil Law Firms in Transition Survey, 95.5 percent of managing partners and law firm chairs believe the trend of more price competition is permanent.
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