Major law firms in the United States should be commended. Despite their clients’ hard-fought efforts, these firms appear to be immune from and unscathed by the fundamental rules of supply and demand. Indeed, as the number of major law firms has surged in cities across the United States, and the demand for outside legal services has decreased, billable hourly rates have continued to rise. While this distortion of the basic rules of economics seems to be permanent, like all bubbles it will eventually correct. When it does, law firms, especially Big Law firms, will be under intense pressure to reduce rates. To avoid this result, law firms that want to remain top-tier (and continue to bill at or above their current rates) will need to differentiate themselves from their competitors, and the best way for them to do so is by clearly and convincingly demonstrating to their clients that they understand their goals and, most important, are fully prepared to help advance these goals.

Know Your Client

While it seems simple, law firms sometimes fail to learn their clients’ industries, competitive needs, and the legal and regulatory issues they are facing on a daily basis. This inexcusable ignorance, if unabated, will eventually cost law firms business. To avoid this result, certain required information needs to be continuously reviewed and discussed.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]