Many law firms may be unprepared for rapid changes that are transforming the legal market at an accelerating pace.  “The 2018 Report on the State of the Legal Market’ from Georgetown Law and the Legal Executive Institute says that new competitors and changing client expectations make it essential for law firms to re-evaluate strategies, even though they may have proved successful in the past.

The report says that traditional strategies and models are increasingly unlikely to lead to future market success.  At the same time, however, the report notes that many firms are succeeding by taking risks and pursuing new strategies.

“Over the last few years, there has been mounting evidence that law firms that proactively address the needs of their clients – e.g., by implementing alternative staffing strategies, pursuing flexible pricing models, adopting work process changes, making better use of innovative technologies, and the like – can achieve significant success.”

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