The balance of power in law firms has shifted. Now clients are driving legal relationships, pushing for less traditional, alternative fee agreements and heavily scrutinizing invoices for cost control. Larger market trends include flat overall growth for law firms in 2018 and a significant uptick in corporations taking legal work in-house and shrinking the market for firm services, according to a recent report from Altman Weil.
To thrive in the new era of the empowered client, law firms must modernize the way they operate. This requires changing office culture, developing core competencies and adopting more innovative ways of working. From pitches and proposal responses to deepening client relationships through better targeting and cross-selling efforts, forward-thinking, modern law firms are harnessing technology that paves the way for a new approach to business fueled by data.
