New survey on legal industry trends

May 22nd, 2013 by Altman Weil

Altman Weil has released its fifth annual Law Firms in Transition Survey. Conducted in March and April 2013, the survey polled Managing Partners and Chairs at 791 US law firms with 50 or more lawyers.  Completed surveys were received from 238 firms, including 37% of the 250 largest US law firms.

Some top trend data from the survey:

  • 96% of firm leaders think more price competition and greater practice efficiency are permanent changes in the legal market
  • 90% of leaders believe there will be more commoditization of legal work
  • 80% of leaders believe there will be more non-hourly billing arrangements
  • 79% expect more competition from non-traditional legal service providers
  • 45% of firms are working on more efficient legal service delivery
  • 29% of firms have changed their strategic approach to pricing since the recession
  • 91.5% of firms raised their overall billing rates for 2013, with a median increase of 3%
  • A median of 20% to 30% of all legal fees are discounted
  • A median of 10% of fees are generated from non-hourly billing

The complete 63-page survey report includes sections on industry trends, pricing and alternative fee arrangements, economic performance, law firm growth, lawyer staffing levels, succession planning, and the future of the profession.

It is available to download at: www.altmanweil.com/LFiT2013.

This entry was posted on Wednesday, May 22nd, 2013 at 8:05 am and is filed under Law firm management, Law firm business model, Surveys. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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