LexisNexis has just released the Bellwether Report ‘The Art of Success – Why Law firms are thriving’. It reveals that a ‘quality over quantity’ attitude underpinned by bespoke client service is key to the success of independent law firms.
The report further finds that most independent law firms see success as a trinity of three elements: the quality of their expertise, solid commercial logic, and commitment to a happy working environment.
Predicting the next 3–5 years, 65% believe that specialist firms will start to steal business away from the traditional high-street firms that can’t compete with these levels of bespoke service.
Overall, it seems to be a good time for independent law firms. 87% of firms said they are either stable or growing, higher than any year since the Bellwether Report began in 2013.
This is the first of three Bellwether Reports this year; you can read the full report here