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 …
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Do You Know What Your Corporate Clients Are Really Thinking?
Corporate clients may be evaluating outside counsel and shifting work more frequently than you might think. A new survey from the Legal Executive Institute says more than half (58 percent) of corporate legal departments surveyed say they shift their legal work among law firms at least once every two years. Nearly one in five (18 …
- December 13, 2017
- Leonard Lee
What Makes a Law Firm a Dynamic Industry Leader?
The law firm market is becoming increasingly competitive, as described in last week’s Q3 2017 Peer Monitor Index Report. But some law firms are managing to achieve consistent above-market growth, even in this difficult environment. What sets these firms apart? The 2017 Dynamic Law Firms Report examined top-performing law firms and identified several key factors …
- November 13, 2017
- Leonard Lee
Large Law Firm Demand Slows in Q3 – Peer Monitor
The large law firm market slowed again in the third quarter, as declining demand more than offset higher rates, according to the (PMI). The PMI, which measures the relative health of the U.S. large law firm market, fell one point to 49. Demand for the large law firm market fell a sharp 1.9 percent — …
- November 6, 2017
- Leonard Lee
New Thomson Reuters Legal Tracker LDO Index Finds Billing Guideline Enforcement and Proactive Law Firms Control Costs, Not Fixed Fees and RFPs
Corporate legal departments say their most effective cost controls are enforcement of billing guidelines, reductions on invoice expenses, and working with law firms that pro-actively show their value. At the same time, many legal departments are not using fixed or flat fees, matter budgets, competitive bidding through requests for proposals (RFPs) or reallocation of work …
- October 24, 2017
- Jeff McCoy
ACCAM17 Panel – Key Issues in Negotiating and Drafting Subscription Services Agreements
Technology was a common theme at the Association of Corporate Counsel (ACC) annual meeting, from the opening plenary on blockchain, to sessions on payment fintech and cybersecurity. Technology-related contracting continues to attract significant interest among lawyers, whether it’s utilizing automation or machine learning in the drafting and review processes, or substantive issues that typically arise in …
- October 23, 2017
- Jeff McCoy
Highly Successful Law Firms Have Greater Business Development, Marketing and Technology Focus
Some law firms have been able to notably outperform their peers even though the overall large law firm market is experiencing flat to little growth. A new report from the Thomson Reuters Legal Executive Institute suggests that investments in areas such as business development, marketing and technology may be a key factor defining the higher-performing …
- September 6, 2017
- Leonard Lee
Key Takeaways from the “What is Next for Legal Operations” session at VANTAGE
As many of you are aware, the Corporate Legal Operations Consortium (CLOC) has identified 12 Core Competencies for the Legal Operations Function. What you may not know is that HBR has further distilled these Core Competencies into three groups by level of organizational maturity: Foundational, Advanced, and Mature, and performed survey work across the Legal Operations …
- June 21, 2017
- Jeff McCoy
The Starbucks Effect: Losing Profitability Six Minutes at a Time
At VANTAGE 2017 Orlando, Cory Branden with Peer Monitor presented about trends and the true cost of lost productivity: Productivity. It’s a subject that we seem to be talking about all the time over the last few years. Firms want to find a way to utilize the lever and spur greater profitability, while corporate legal departments …
- June 20, 2017
- Leonard Lee
New Legal Tracker LDO Index Reveals Trends & Benchmarks from 1,000+ Legal Departments
Don’t guess how legal department operations are evolving—look at the data. According to the new Thomson Reuters Legal Tracker LDO Index, corporate legal departments are managing a higher volume than ever before, focusing on cost control, and bringing in more legal operations staff to run leaner and smarter. Insights from the new semi-annual LDO Index …
- June 6, 2017
- Leonard Lee
