New Working Order

Law Firm Strategies for Success

Legal Departments

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A New Working Order

Economic pressures, a highly competitive business environment and changes in client expectations have dramatically altered the legal landscape. The result is a new working order for law firms and corporate legal departments.

Key findings from our research include:

• As corporate clients demand more return on their investment from outside counsel, the ability for law firms to address their needs and concerns is essential.
• A thorough understanding of clients' businesses and the issues they face, along with flexibility on fees, are forming the cornerstone of many law firms' new customer service models.
• The vast majority of lawyers (85 percent) surveyed said their firms do not plan to launch new practice groups in the coming year to increase revenue. Eighty-six percent of lawyers surveyed said their law firms were planning to obtain more business from existing clients in order to increase revenue.
• Law firms are increasingly offering clients alternatives to the traditional billable hour. More than half (56 percent) of lawyers surveyed said their clients request flat or fixed fees the most. Volume discounts ranked second (43 percent).
• Top challenges facing legal departments include "compliance or regulation issues," controlling litigation or outside counsel costs," and "increased workloads."

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