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 MoreMergers And Client Value
Mergers should accelerate the delivery of an organisation's strategic goals. They can bring greater economies of scale, better geographic coverage and greater dominance of a market segment. But they are not without risk and the effort required to put firms together can undermine client value rather than enhance it.
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.
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