#LEIMPF2018 – Law Firms, Clients and Performance Evaluation
When relying on legal services, law firm clients traditionally had to accept law firms’ decisions on rates and assignments of who performed the work. Today clients have made a dramatic shift to what is now largely a “buyer’s market,” and are relying on data analytics and various technologies to more actively manage their external legal spend. Additionally, clients are regularly evaluating the performance of the law firms they rely on for strategic counsel and legal work.
Hosted by the Thomson Reuters Legal Executive Institute, the 25th Annual Law Firm Marketing Partner Forum is presenting a discussion on how corporate legal departments are being challenged to manage costs and keep work in-house, and how their embrace of platforms capable of measuring outside legal spend is significantly impacting law firm business development and profitability. The session is titled, “A Law Firm Performance Report Card: Client-Driven Metrics & KPI in the Modern Corporate Legal.”
With the release of the 2018 Report on the State of the Legal Market, Mike Abbott, vice president of Client Management & Global Thought Leadership at Thomson Reuters, stated, “We are seeing some firms manage to achieve strong growth by breaking away from traditional strategies and better aligning with client expectations and increasing investments in business development and workflow technologies. But for others, many key foundations that previously contributed to their success are now eroding underneath their feet, leaving them vulnerable to new competitors, further erosion of pricing power, or economic downturns. The willingness to make transformative changes is essential for ensuring long-term success.”