New Dollars Revive a Flatlining Outside Counsel Market
2017 and 2018 see a shifting trend as spending in outside counsel grows while internal spending begins to contract. This marks a momentous shift in how legal decision makers are managing their legal work. The increasing complexity and high-stakes nature of work has made many clients gravitate back to the expertise and reputation of external firms.
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 2018. Below are the 8 overarching trends shaping the market in 2018:
8 Trends Shaping the Legal Market in 2018
- Clients add $3 billion to outside counsel budgets
- Outside counsel spending is increasing in 15 practices
- The Health Care industry plans to increase spending in 11 practice areas
- Pharmaceutical companies plan to increase spending in 10 practices
- Banking and Financial Services organizations plan to increase spending in 9 practices
- IP Litigation, Regulatory, and M&A will enjoy between 5% and 10% growth
- Clients have shifted their strategies to use outside counsel substantially more than the last 10 years
- Top legal officers have decided to stop bringing any more work in house
Multiple practice areas are poised for strong growth in 2018. Learn how to position your firm quickly to take advantage of these fleeting trends. BTI Practice Outlook 2018 helps your firm drive the highest returns for the lowest investment in each major practice area.
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