There is no question that the worst recession for 80 years has had a major impact on the legal sector. General counsel are under pressure to deliver more for less. In turn, they are demanding reduced costs and greater value from their legal advisers. Quite rightly they want accountability when it comes to how their budgets are being spent and more imagination when it comes to fee structures.
For law firms this has meant facing up to challenge and change. Whilst some are holding fast, hoping that the boom times will return soon, the smarter ones are adapting for the longer term.
This report shows that the legal landscape has changed permanently and more quickly than anyone imagined when we produced our original 21st century law firm report in 2008. Even before the credit crunch, it was clear that business people were disillusioned with ever increasing fees, wasteful practices and an unwillingness to change. Harsh economic times have pointedly polarised these issues.
During the recession we, as a high quality provider of legal services, set about changing our business to provide greater efficiency, better service and realistic pricing. Innovative use of technology and the possibility of moving work to lower cost centres are all part of our agenda to deliver more for less. We think that others will have to follow in order to survive.
Whilst little good has come out of this recession, the much needed reality check for lawyers is, perhaps, one positive by-product. Is the time ripe for a revolution in the delivery of legal services? This report suggests, that the revolution has now arrived.
http://www.legalweeklaw.com/legalweeklaw/view_abstract/4043/practice-area/corporate/partnerships-and-llps/law-firm-21st-century-clients-revolution
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