Put away your umbrellas. Get out your buckets. It’s raining new complex business on outside counsel.
Top legal decision makers tell us they see no relief in the deluge of uncertainty and complex work—even if the US reaches a trade agreement and Brexit gets settled. The world has become more complicated and uncertain. This means more spending on outside counsel and translates into 2 major opportunities:
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Higher-rate matters generated by new complex work
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Substantially bigger matters than in in the past—for all size firms
The brand new BTI Practice Outlook 2020 details these spending increases for 15 practices and 18 industries. Based on more than 350 interviews with top legal decision makers, we outline the spending for each practice area and provide practical recommendations to get the business now. You can use this research to pinpoint the best opportunities for your firm and practice.
The report includes our highly sought after BTI Practice/Industry Hotspots—the only place to see a roadmap of the high-rate opportunities and pressure points cross referenced by industry and practice. Here are some of the spending highlights:
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Cybersecurity is the fastest growing segment in law at 8.6% annually
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Litigation is growing at 7.1%
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Pharma and High Tech expect biggest increases in 6 major practices
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Energy companies are set to spend more on outside counsel than they have in years
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Outside counsel spending is growing for the 3rd straight year
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Clients expect to spend $8.9 billion on new complex work—putting rate pressure on
less-complex work -
The largest practices with the least sensitive rates are growing faster than other practices
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7 industries expect large increases in premium litigation spending
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Clients are expecting premium rates in 11 of 18 practices
These new opportunities are open to firms of all sizes—if you can prove your skill in dealing with complexity and can present a unified, scalable team. Small and midsize firms can and do show strong teams—and clients say nearly 50% of law firms don’t collaborate at all—so they are out of the running. Your team approach sets you apart.
You can immediately learn how tap into these opportunities with the BTI Practice Outlook 2020. Join the more than 100 law firms using this report as their roadmap to new business.
Best in the market ahead.
MBR