In an era of low growth, the law firm market is increasingly close to a zero-sum game where one firm’s gain is at the expense of the market share of another firm. The Legal Executive Institute’s Dynamic-Static Law Firm Report analyzes the difference between dynamic growing firms and firms that are more static and flat. …
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Legal Executive Institute
Law Firm Pricing Insights Report Examines Evolving Pricing Practices
“Price is what you pay. Value is what you get” — Warren Buffett Figuring out how to price legal matters is an increasingly complicated balancing act. Firms are under pressure to make sure the rates they charge provide good value for clients in terms of the services provided, while maintaining adequate profit margins for the …
Infographic: Is Litigation Back for Big Law?
Litigation remains the largest single practice law for large law firms, despite a steady decline in demand in recent years. Steady decline, that is, until this year. Litigation is seeing a pickup in demand so far in 2018. What is driving this demand? Is litigation back? Or is it just a temporary blip? This new …
Forum Magazine: Improved Firm Relationships, Financial Intelligence and Performance
As noted earlier this month, the Fall 2018 issue of Forum magazine is now available and explores the broader theme of “The Art of Balancing Profitability and Value” in the legal industry. Among the featured articles is a closer look at the results of LEI’s “Dynamic Law Firms” study, which explores strategies that have the best …
Legal Services Industry Mid-Year Report Tells a Compelling Story
The “story” of the legal services market looks to be a pretty compelling summer read this year. The upbeat part of the story is that the law firm market is showing renewed signs of strength, by some measures enjoying its strongest first six months in years. But the true page–turning element is that the entire …
Performance Gaps Among Large Law Firms Narrowing
The large law firm may be becoming more competitive. Firms in the highest-performing segment of the market may be pulling back towards market averages, as their performance gap over the rest of the market has narrowed somewhat. That’s among the findings of The Dynamic Law Firms Study: A 2017 Year-End Update from the Thomson Reuters …
2018 Legal Executive Forum: Law Firm Demographics and the Talent Landscape
With its broader theme of “Culture, Client Service & Law Firm Talent Transformation,” the 2018 Legal Executive Institute Forum featured a panel discussion with “Gen X” law firm executives on the opportunities and challenges of leading firms during a period of major economic and cultural change. The panel’s moderator, Cristina A. Carvalho, managing partner at Arent Fox …
2018 Legal Executive Forum: Shining a Light on Law Firm Profitability
The 2018 Legal Executive Forum kicked off with a presentation by Dr. Evan Parker, who explored the use of statistical models to illuminate a law firm’s profitability drivers and differentiators. Parker, managing director of Analytics & Research, LawyerMetrix, provided specific examples for how his company uses data science to help its clients set their “profitability …
Biggest Law Firms Gain, Other Firms Decline in First Quarter, Says Peer Monitor
Demand for legal services at the largest law firms grew in the first quarter, even while overall demand for law firm services slumped, according to the Q1 2018 Peer Monitor report. The segment of the market made up of the largest firms – the Am Law 100 – had a strong quarter, with demand growing …
#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 …