According to a recent report commissioned by LexisNexis, and undertaken by Jures, the legal profession is confident that the sector will grow in the next two years. 66 per cent of respondent firms that took part in the survey believe that there will be a 10 per cent increase in profits year-on-year. The report also identified other challenges that the sector needs to overcome.
Law firms identified competition from new entrants, specifically from those under the Alternative Business Structure model, as the greatest threat they face. To ensure success they see recruiting ‘lateral hires’ as a key. They believe that delegating work to associates and trainees is the most effective strategy in response to increasing pressure on profits.
