CHICAGO--(Huron Legal briefing entitled “U.S. Market Trends: Staking Out the High Ground in a Time of Turbulence.” The briefing examines the transformation of the legal industry and outlines how several new developments are causing a fundamental shift in thinking about how law firms can compete.)--Huron Consulting Group, a leading provider of business consulting services, today issued a
“In addition to clients becoming more sophisticated consumers of legal services, several legal trends are forcing law firms to reevaluate their market position and strategic approach.”
“Law firms today are operating in a very different world than they were just five years ago. Due to the global recession, most clients’ legal budgets are flat or shrinking, forcing them to become more cost-conscious and selective about the law firms they hire,” said John Cussons, director, Huron Legal. “In addition to clients becoming more sophisticated consumers of legal services, several legal trends are forcing law firms to reevaluate their market position and strategic approach.”
In order to succeed in this changing market, firms must assess current trends and develop strategies to retain market share and drive growth. These trends include:
- Increased stratification into distinct market segments, including global elite, Wall Street, international business law and U.S. multi-region
- Changing legal needs spurred by corporate growth through organic and M&A-driven geographic expansion
- High law firm merger activity that is expected to accelerate throughout 2013
The bottom line is that as the legal market changes, segments and consolidates, competition will continue to intensify – making it essential for firms to act quickly to protect and retain their market share. Moving away from the traditional ”full-service” approach and developing a distinct market position will allow firms to adopt a more tightly focused strategy that will play to their strengths and help guide targeted, profitable growth.
To view the full briefing, visit: http://www.huronconsultinggroup.com/Insights/Whitepapers/Legal/US_Market_Trends_Staking_Out_the_High_Ground_in_a_Time_of_Turbulence.aspx
If you are interested in speaking with John Cussons or another one of Huron Legal’s experts on legal market trends or other issues impacting law firms and the legal industry, please contact:
Jennifer Frost Hennagir
About Huron Legal
Huron Legal provides advisory and business services to assist law departments and law firms to enhance organizational effectiveness and reduce legal spend. Huron Legal advises on and implements strategy, organizational design and development, outside counsel management, operational efficiency, and discovery solutions, and provides services relating to the management of matters, contracts, documents, records, digital evidence and e-discovery. Huron Legal is not a law firm; it does not offer, and is not authorized to provide, legal advice or counseling in any jurisdiction. Learn more at www.huronconsultinggroup.com/legal or follow us on Twitter: @HuronLegal.
About Huron Consulting Group
Huron Consulting Group helps clients in diverse industries improve performance, comply with complex regulations, reduce costs, recover from distress, leverage technology, and stimulate growth. The Company teams with its clients to deliver sustainable and measurable results. Huron provides services to a wide variety of both financially sound and distressed organizations, including healthcare organizations, Fortune 500 companies, leading academic institutions, medium-sized businesses, and the law firms that represent these various organizations. Learn more at www.huronconsultinggroup.com.