The past decade has seen unprecedented change and disruption in the legal market. Sparked by the Great Recession of 2008, the pressure on today’s law firms is more intense than ever. As the market evolves over time, there will be winners and there will be losers. According to this year’s report, here are four important areas to which your law firm should pay close attention:
- Unrelenting Focus on Profitability
- Focus on Expanding Your Leverage Model
- Clear Focus on Your Firm’s Core Practice Areas
- New Focus on Supply Chain Management
This is a great report to circulate to your partners and discuss what it means to your firm at an upcoming partnership meeting.
As Charles Darwin observed in his theory of evolution, the species with the best chance of survival are not always the strongest and the smartest. They are the ones most adaptable to changes in the environment.