Tuesday, May 26, 2009

The Future of Law Firms

Is law firm marketing a waste of time? Attorneys who feel this way are perhaps not receiving the type of valuable business development services needed to help them acquire new strategic accounts, retain existing clients, and increase firm profitability.

Law firm marketing is just one of many topics covered in an interesting story about the future of law firms, published in the The Philadelphia Business Journal on May 22nd.

As U.S. corporations struggle with economic challenges, can the legal profession be far behind? A panel of attorneys and legal educators shared their views on the topic.

Other prognostications from these experts:

  • Law firm boutiques will grow in importance, both for the benefits of specialization and lower billable rates
  • Law firms will need to expand internationally in order to keep pace with clients
  • Governments are becoming more important consumers of legal services, putting downward price pressure on hourly rates
  • Law firm cost structures will be forced to change, with less emphasis on inexperienced associates charging relatively high hourly rates
  • "Law firms are fragile in terms of trust and confidence," requiring careful management of a law firm's perception in the marketplace.
Read the full story.