Buckle up. It’s going to be an exciting ride. Clients are spending more money on outside counsel than ever. Top legal decision makers are redefining their approach to hiring and managing their law firms. This translates into direct opportunity.
But you will find the biggest wins by targeting your client’s new needs and hiring plans, focusing on the industries where you can win, and getting there before other law firms. Please use these top trends to your immediate and lasting advantage—and join us for the BTI Market Outlook and Client Service Review 2019 where we will discuss these and much more:
Cybersecurity leads all outside counsel spending increases at 9%
M&A spending closely follows Cybersecurity in planned outside counsel spending increases
The number of clients reporting high-stakes matters more than doubled in the last 18 months
Complexity and uncertainty dominate client thinking
Clients are settling less than half as many cases as 2 years ago—increasing risk and outside counsel spending
Clients are cutting internal budgets to fund increasing use of outside counsel for the 3rd straight year
Top legal decision makers are hiring more new law firms than ever to find the firms who can meet their needs
High tech clients plan to increase spending in 9 major areas
Health care clients plan to increase spending in 7 major practice areas
Pharma plans the 3rd largest outside counsel spending increases of all industries
Clients now look for law firms who can scale into teams quickly to manage cases, which could become large or attract other matters—these teams can come from small, medium, and large firms
Clients are most impressed by law firms using technology to provide core information (i.e., updates, budgets, access to current and historical documents)
Match these trends up against your business plans. These opportunities are here now and finally big enough to drive strategic growth in law firms. We have all been waiting for the market to return to the good old days—this is the closest we have seen in a long time.
Please join us for our annual webinar BTI Market Outlook and Client Service Review 2019 on January 17, 2019 at 12:00 pm ET to discuss these trends and much more. You can also learn about these and more detailed trends and opportunities in BTI’s report BTI Practice Outlook 2019, available immediately.
Best in the market ahead and a happy, healthy new year!