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PROFESSIONAL SERVICES BUSINESS DEVELOPMENT AND MARKETING INSIGHTS

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| less than a minute read
Reposted from PM Forum

Are law firms innovating for themselves at the expense of their clients?

Passle
Passle

This article suggests that clients are not receiving the innovation they want from their law firms. Surprised? No, I didn't think so.

Consider the following though:

  • So far, top 100 law firm revenues are up 6% on last year, from £3.68bn to £3.9bn

  • This is slightly down on the 7% increase at the same point last year

  • However, average PEP this year is up 18% on last year, from £517,937 to £611,562

  • This is a significant increase on the 3% increase at the same point last year

So firms are finding a way to make their money work harder (much harder) for them.

Contrast this with what clients say they're getting - or not getting - and it seems clear where firms are investing their innovation efforts...

Clear trends have emerged from this year’s Business Leadership survey. In-house legal teams confirm they are under increasing pressure to deliver more for less but the drive to embrace innovation remains elusive. Has there been a step change in the legal market in terms of the services that clients are being offered? And if so, has there been a similar step change in terms of the services clients are using? Bluntly, the research among in-house lawyers for this year’s Business Leadership Guide suggests the answer to both questions is no. 
www.thelawyer.com/...
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