New Dollars Flood the Market
Increases in outside counsel spending are no longer a fluke—they are officially a trend. 2017 marked the first year of noticeable growth in spending on outside counsel in recent history. And companies show no signs of slowing down. Legal decision makers boosted their spending by $3.3 billion in 2018 and plan to add another $2 billion to the market in 2019.
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 the newly updated BTI Practice Outlook 2019. Below are the 8 overarching trends shaping the market in 2019:
8 Trends Shaping the Legal Market in 2019
Outside counsel spending hits a new all-time high
Clients add $5 billion to outside counsel budgets
Cybersecurity and M&A lead the planned spending increases
10 practice areas set for increased spending in 2019
High tech plans the biggest spending increases
Healthcare, food, and banking plan serious increase in outside counsel spend
Clients expect to pay higher rates in 9 key practices—all of which are growing
Corporate counsel cutting internal spending to fund new outside counsel needs
Multiple practice areas are poised for strong growth in 2019. Learn how to position your firm quickly to take advantage of these fleeting trends. BTI Practice Outlook 2019 helps your firm drive the highest returns for the lowest investment in each major practice area.
Order Your BTI Practice Outlook 2019: Changes, Trends and Opportunities for Law Firms Now
For Full Details on Practice and Industry Trends in 2019