Canada's legal services market continues to grow, albeit at a slower pace than in previous years. Lawyers at the country's largest independent firms believe there are three principal factors driving the market: pressure on fees, increased competition and the state of the global economy, especially in regard to commodities prices. Steven Smith, partner in the corporate group and head of the UK and Europe sector at Osler Hoskin & Harcourt, says: "The biggest challenge that law firms are facing in Canada is the pressure on fees from clients who simply want more for their money. Reduction in fee income and pressure on prices is making the market more competitive." Marc-Andre Blanchard, chairman and chief executive of McCarthy Tetrault, comments: "Like other firms, we believe that the legal services market here is very competitive and that the pressure on fees is growing. But we believe that our emphasis on service delivery is helping us retain clients and win new business."
November 28, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Neil Hodge reports on how Canada’s economic recovery is helping its legal profession flex its muscles
Canada’s legal services market continues to grow, albeit at a slower pace than in previous years. Lawyers at the country’s largest independent firms believe there are three principal factors driving the market: pressure on fees, increased competition and the state of the global economy, especially in regard to commodities prices.
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