Law Firm Marketing: Citi Survey Says Differentiation Key to Increasing Market Share

The 2010 Midyear Law Firm Financial Trends Report by Citi Private Bank, which provides financial services to U.S. and UK law firms, is out and the bottom line appears to be that expenses have been cut about as much as they can, so law firms now need to turn their focus to increasing top-line revenue.

First, some of the key findings as reported by 187 U.S. law firms (87 AmLaw 100 firms, 50 Second 100 firms and 50 other firms) for the first six months of 2010:

Revenue was flat

Demand was down domestically, but up slightly (2 percent) for global firms

Expenses were down, primarily because of head count reductions

Productivity was up about 4 percent

Contribution per lawyer was up almost 20 percent

Billing rates were up about 4 percent

Parsing the data at The American Lawyer, Citi analysts wrote (emphasis is mine):

Unfortunately, demand for legal services remains soft, and that is unlikely to change any time soon. So the only way firms can grow their revenue is at someone else’s expense. Firms have to be more strategic about how to increase their share of a smaller pie--specifically, by differentiating themselves from competitors.

And they conclude with this:

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Law Firm Marketing Experts, The Rainmaker Institute | Attorney Advertising

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