The past year or two has seen large parts of the UK market for high-end, corporate legal services shift towards a ‘buyer’s market’. In this environment, the top UK firms are beginning to experience the competitive effects of clients in an increasingly powerful buying and bargaining position. No longer immune from these market forces, top-tier firms are joining regional UK firms, and the first tier law firms in Australia, New Zealand, Canada and South Africa in a market no longer dominated by the sellers but by the buyers of legal services.
Michael Porter’s ‘Five Competitive Forces Model’ may help to explain this shift in buying power and its impact on law firms. One of the five competitive forces that shapes industries and markets is the buying power of customers or clients. Many of the factors that strengthen clients’ buying power are increasingly evident in the UK legal market today and are reflected in a number of recent trends.
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