"Non-Traditional Competitors" One of Several Threats to Firms
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Today, Georgetown University Law Center released its 2015 Report on the State of the Legal Market, with Thomson Reuters Peer Monitor. We put down Wild to pick up this other exciting read.
The report found that the law firm market is drastically changing in ways that became evident around '08. For instance, "non-traditional competitors" to law firms, changes in clients' buying habits and a shift to a buyers' market, and increased distance between the most high-performing firms and the rest. Many law firms, the report says, have been slow to respond. On the bright side, the report found that revenue growth was stronger in 2014 than in 2013. Financial performance, by many measures, was also somewhat better for law firms in 2014.