Survey shows tough competition among US law firms
A new survey by BTI Consulting Group shows that growth in revenue is the top priority for law firms in the coming year, while corporate spending on legal services in the US has a compound annual growth rate of just 1.6 percent.
Meanwhile, the country’s largest corporations say that value is their top goal going into 2013, continuing a five-year trend.
BTI principal Marcie L. Borgal Shunk said that in light of the minimal spending, the only way to achieve the desired growth will be for firms to steal work from other firms. And rather than attracting clients by cutting costs, firms should be offering strategic advice. Shunk pointed out that those firms that have an understanding of their clients' businesses, are client focused, are committed to helping clients and provide value for the dollars spent on their work have a 7 percent rate premium over other firms.
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