High Opportunity in a Low Growth Market
Today’s legal market—while stagnating in terms of size—is anything but slow-moving.
Detecting new opportunities as they emerge secures a competitive advantage in slow-growth markets.
New opportunities are unannounced and pounced on by client-centric firms. Capturing these opportunities requires understanding what clients are trying to achieve next, not what clients have historically done in the past. Every practice has a distinctive set of characteristics law firms can use to their advantage—and can be found in BTI Practice Outlook 2017. Below are the 5 overarching trends shaping the market in 2017:
5 Trends Shaping the Legal Market in 2017
4 of the 5 Largest Practices are Getting More Legal Budget
While Litigation shrinks, Employment, Securities, IP and M&A will receive a bigger portion of the budget, and the law firms in conversation with their clients are best positioned to capture this rare incremental spending coming into the market.
Cybersecurity and Data Privacy Demand Outstrips Supply
As hard as law firms try, they just can’t keep up with demand. Breaches and risk are growing and outpacing the ability to find the attorneys needed to make a dent in demand.
Corporate Legal Spending Hits Record
Large clients are now spending more, on a per company basis, than ever, beating the last record by $200,000 to $1 million per company.
Banking, Financial Services, and Pharmaceuticals Show Most Need for Complex Work
3 of the biggest legal spending industries are driving the new demand for complex work, as they undergo internal change while trying to stay in compliance and chart new strategies.
Flat Markets Mask Legal Crosscurrents and Enormous Opportunity
The action in the legal market is under the surface. Overall spending is up a fraction, which may sound bleak, but new needs and a surging market for complex work offer substantial opportunity as clients move money around to accommodate the higher risk work.
BTI Practice Outlook 2017 helps your firm drive the highest returns for the lowest investment in each major practice area. Your clients are changing the way they allocate their legal budgets in 2017, and you must change with them to grow.
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