LexisNexis has released the latest in its series of Bellwether reports The Culture Clash - Solicitor Confidence vs Client Power. These reports, first launched in 2013, explore the important trends and issues currently impacting law firms. They deliver groundbreaking market research and provide a major contribution to the
discourse on the future of independent law firms.
With increased competition, the emergence of Alternative Business Structures (ABS law firms), and rapidly changing client attitudes and behaviours, the legal industry is almost unrecognisable today compared with ten years ago. Despite these seismic changes, only one in five of the respondents we surveyed for our latest Bellwether report felt that more significant change would be needed within their firm to keep pace with the world around them.
In the face of such industry-wide pressures, could a ‘business as usual’ attitude spell disaster for the future of the law firm in today’s rapidly‑changing marketplace, especially when the challenges facing law firms are as prevalent as ever?
The Bellwether Report 2018 explores how law firms can swap confidence for progress and drive meaningful growth in a client-driven marketplace.
Confusing complacency for confidence
With many of the same challenges plaguing the legal industry today as five years ago, is the confidence exhibited by solicitors warranted? Or are they mistaking business as usual for the promise of future success? Why is compliance for law firms still a top challenge and how can you become more efficient in your role as a COLP and/or COFA?
Client driven pressure on solicitors to behave more like service providers could have an impact on both fee structures and on quality of service. But to what extent?
The skills for success
Cracks are starting to appear in the industry due to external pressures and an internal lack of the skills required for success.
A solicitor’s stature
The traditional role of a solicitor is being threatened by clients who measure success by their own metrics. Now in its sixth year, the Bellwether Report continues to break new ground in exploring the dynamics and rapid changes that are taking place in the legal industry and within law firm structures.