The client is key
Clients have long recognised that by downsizing their number of panel firms, they could buy legal services more efficiently. Now they are looking to make yet more savings. Tim Nightingale looks at how law firms can best cope with the pressure on fees
Some time ago, clients recognised that by downsizing the number of firms on their panel, they could buy legal services more effectively. Now they are wanting to down-size their legal budgets full stop. The power driving this cost-cutting diet is the financial director, supported by the procurement department. Law firms urgently need to realise a strategy to preserve profitability and avoid the slide towards price competition.
This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.
A PREMIUM SUBSCRIPTION PROVIDES:
- Trusted insight, news and analysis from the UK and across the globe
- Connections to senior business lawyers within the leading law firms and legal departments
- Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
- The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
- Optimized access on all of your devices: desktop, tablet and mobile
- Complete access to the site's full archive of more than 56,000 articles
Already have an account? Sign In Now
For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651