Law firms have generally failed to understand the importance of Management Information in building successful relationships with clients yet MI is a key tool in communicating and comparing value. The legal profession collectively failed to develop metrics to do this so buyers focus on fee rates and try and drive them down. A different approach is for law firms to develop Management Information that demonstrates their value to clients
Read MoreWhy The Big Accountants Pose A Threat To The Top 200 Law Firms
The Big 3 Accountants pose a serious threat to the Top 200 law firms as they have the cash, opportunity and skills to enter the legal market quickly. It isn’t surprising that these Big 3 accountants have decided to diversify their offering into the legal market, which remains much more fragmented than the accountancy one. It makes logical sense for the accountants to seize some of it for themselves by diversifying into legal services, just as they did when they began to offer consultancy services.
Read MoreStructural Change Needed in The Law Firm of the Future
The recession has had a big impact on law firms. The volume of work declined post Lehman and although firms shed staff faster than they had done in previous recessions there are still too many firms for the work currently available in the UK...
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