9 Trends Changing the Litigation Market

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Clients are completely reassessing how they hire law firms and their strategy for moving forward. This reboot can be your best friend—but only if you make the trends work for you. Here are the most important 9:

  1. Litigation spending on outside counsel is up 6% since 2018—in-house departments are not designed for the volatile nature of the workload and risk

  2. Clients expect spending per matter to go up—although they expect the tide of matters to slow, the number of high-risk matters is driving spending per matter up

  3. Clients continue to add new law firms to their rosters in hopes of finding what they want—they have new expectations based on substantial changes in their caseloads

  4. Companies with bet-the-company work virtually double—the financial exposures are creating a new category of bet-the-company work

  5. 5 out of the 6 major litigation segments will see new spending—clients see few sources of spending reprieve

  6. Clients expect to settle 25% more cases than they settled in the last 2 years—the bright note for clients: they are becoming more skilled in settling the surge of new complex matters

  7. Class Action rates are likely to rival bet-the-company rates—the risks in class actions are growing faster than almost any other segment

  8. High Tech companies are bracing for the biggest increases in high-risk and bet-the-company litigation—they expect increases in IP Litigation spending, major supply chain issues, and intense public and government scrutiny

  9. Commercial Litigation is expected to surge in 6 industries—while the litigation pressure is largely across the board, 6 of the largest-spending industries will see the biggest increases

The outside counsel spending increases far outpace increases in clients’ total budgets. This means one thing—any work not in the high-risk category is going to get squeezed. Bring out your best AFAs for the rate-sensitive work. Knowing the nature and scope of the work is the key to pricing and pitching—an advantage for existing law firms. If you are working with a new prospective client, an initial planning session will tell you what you need to know—and differentiate you from most other law firms.

Clients are searching for the right law firms right now. Join the more than 100 law firms already using BTI Litigation Outlook 2020: Changes, Trends and Opportunities for Law Firms and see for yourself how and why clients are hiring for the best litigation opportunities to come along in years.

MBR

Law Firms Leading in 5 Areas of Litigation—and the Market Drivers

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Litigation spending is in its 3rd year of an upward march. Corporate counsel are spending more on outside counsel. Much more. And a big portion is earmarked for new, complex, high-risk matters—meaning these are real opportunities to get your foot in the door. The Powerhouse and Standout law firms in the links below are the firms corporate counsel tell us they are turning to for their most pressing litigation needs in 2020.

Complex Commercial Litigation Outlook: The Powerhouse and Standout Firms

One of the fastest growing practices in 2020. Clients anticipate spending more in spite of an expected slowdown in matters. Clients are seeking firms who understand complexity and how it can grow.

Class Actions Outlook: The Powerhouse and Standout Firms

Clients expect big increases in spending and even bigger increases in uncertainty. They are getting pickier about who they want defending them.

IP Litigation Outlook: The Powerhouse and Standout Firms

Clients expect bigger, more complex matters to dominate their case load in 2020. Top legal decision makers expect more focus on technical issues than in the past.

The Product Liability Outlook: The Powerhouse and Standout Firms

Spending is up, pricing is getting stronger, and the number of companies facing product liability is down. The claims are getting bigger as plaintiffs focus on more complex products. Clients want firms who can size up the exposure and create a fee accordingly.

Labor and Employment Litigation: The Powerhouse and Standout Firms

Clients are enjoying a continuing stream of innovation on all fronts including work process, staffing, pricing, and technology. And each change is bringing more value. Despite this, clients expect to spend more.

Learn exactly when, where, and how you can immediately gain new business from one of the best litigation opportunities to come along in years. Clients face more new cases, more complex cases, and are searching for the right law firms. Join the more than 100 law firms using BTI Litigation Outlook 2020: Changes, Trends and Opportunities for Law Firms to their immediate advantage, available now.

12 Top Trends Defining the 2019 Legal Market

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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:

  1. Cybersecurity leads all outside counsel spending increases at 9%

  2. M&A spending closely follows Cybersecurity in planned outside counsel spending increases

  3. The number of clients reporting high-stakes matters more than doubled in the last 18 months

  4. Complexity and uncertainty dominate client thinking

  5. Clients are settling less than half as many cases as 2 years ago—increasing risk and outside counsel spending

  6. Clients are cutting internal budgets to fund increasing use of outside counsel for the 3rd straight year

  7. Top legal decision makers are hiring more new law firms than ever to find the firms who can meet their needs

  8. High tech clients plan to increase spending in 9 major areas

  9. Health care clients plan to increase spending in 7 major practice areas

  10. Pharma plans the 3rd largest outside counsel spending increases of all industries

  11. 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

  12. 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!

MBR