Bad news is on the way for law firms as clients are seeking to reduce their legal spend by cutting the number of law firms they use and instead employ technology to supplement services.
Cuts a priority
And moves to cut layers will be swift as priority for clients over the next 12 months is consolidation of their list of preferred legal services suppliers.
In-house and outside firms seeking efficiency
A new survey said that in a market that was dealing with disruptive factors ranging from new technology to increased global consolidation among service providers, both in-house legal departments and outside law firms were looking for ways to become more efficient and effective including putting in place systems that delivered superior business intelligence and created efficiencies in their everyday work.
A fact of life
‘The increased use of procurement initiatives by businesses when considering their legal services needs is both a fact of life for the legal industry and indicative of smart corporate management, appropriately focusing on quality of service and cost management,’ explained David Scherl, Chairman of law firm Morrison Cohen. ‘From the law firm's perspective, it should be embraced as a way to communicate your law firm model, including its service offerings and value proposition’.
Source: The report came from Bloomberg Law and US trade association The Buying Legal Council.