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2017 State of the Market Report

2017 Report on the State of the Legal Market

The 2017 Report on the State of the Legal Market was published by Georgetown University Law Center and Thomson Reuters. It summarizes the transformation happening in the legal industry right now and (in our opinion) is an absolute "must read" for every lawyer. Highlights include:

“Insisting on the necessity of receiving more value for their ‘legal spend,’ clients increasingly emphasized the need for greater efficiency, predictability, and cost-effectiveness in the legal services they received – quality, of course, being assumed.”

(p.2) (emphasis in original).

“Death of Traditional Billable Hour Pricing.” (p.9).
…Although today AFAs probably account for only 15 to 20 percent of all law firm revenues, budget-based pricing is much more prevalent. Indeed, in many firms, these two methods combined may well account for 80 or 90 percent of all revenues.”

(p.10).

"Proactivity as a competitive advantage: We see a seven-year trend of compelling success enjoyed by firms that take a proactive approach to alternative fee arrangements. We think this is a good indicator that proactive change in other areas could be equally effective in accelerating law firm performance relative to competitors."

(p.14) (quoting Altman Weil, Inc., 2016 Law Firms in Transition: An Altman Weil Flash Survey, May 2016, at i).

The full report can be downloaded from Thomson Reuters here: http://legalsolutions.thomsonreuters.com/law-products/solutions/peer-monitor/report-on-the-state-of-the-legal-market-access