Clients send a message to Law Firms: Change or Die


More than half of corporate counsel surveyed (58%) say they believe law firms are too profitable, according to the LexisNexis State of the Legal Industry Survey. This means clients feel they were ripped off, or overpaid for the service they got from law firms.

This eye-opening statistic sums up the why there is high tension between law firms and clients, why the ACC Value Challenge is being pursued, and why corporations want flat fees and an end to the hourly bill. It also means that the way law firms conduct commerce with their clients will change forever, starting right now, and that the change will be permanent.

Pricing is the No. 1 issue facing the legal profession today. Of course law firms respond that they have already cut salaries, laid off staff and lawyers, offered alternative fees, implemented hiring freezes, deferred start dates for new associates and use technology to be more efficient. But it's not good enough.

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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.

© Larry Bodine, The National Trial Lawyers Association | Attorney Advertising

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