Midsize law firms, like their brethren at large firms, will continue to put an increased focus on mitigation of cyber risk through enhanced security, protocols and more sophisticated risk management. We will see greater use of outside risk management consultants working directly with midsize/ firms to address new risks and gaps on coverages.
2. Trend: Continued lateral acquisitions.
Midsize law firms will continue making robust lateral partner acquisitions. Competition for the best candidates has increased, so midsize firms will need to be even more creative in their offerings. Midsize firms will need to better exploit their value propositions to clients in order to attract laterals from larger firms. Firms will also need to put an added emphasis on retaining their best talent.
3. Trend: Greater exploitation of value proposition: specialty work for larger firms and working with middle-market companies.
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