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Survival Strategies for Law Firms in a Competitive Marketplace

A man in a white shirt and pants stands next to two enormous feet, looking up. The text reads "Grow on your own terms: 5 essential survival strategies for law firms."

In today's volatile marketplace, many law firms are losing their independence.

According to Altman Weil MergerLine, 2019 was a record-breaking year with 115 combinations, a number of which were high-profile, high-volume mergers.

2020 already has seen a new crop of mergers, of a bit of a different ilk – larger scale and, at least at first glance, from stronger platforms with strategic synergies than some of the mid-2000’s combinations.

Similarly, in last year alone, more than 3100 BigLaw partners found new homes; up from 2018. ALM/Decipher joint report estimates $17.1B changed hands with lateral moves from 2014-2018.

 


 

By the Numbers

  • Law firms’ demand growth hovers between 3 and 5%
  • Lateral hires have a success rate of about 50%, according to a recent ALM Legal Intelligence/Decipher report
  • 80-90% of organic revenue comes from a handful of clients. 10-20% of revenue comes from inorganic growth, the majority of which is lateral acquisition.

The question for law firms is simple: How do you grow on your own terms?

There are 5 Essential Survival Strategies

 

1. Enhance Profitability

2. Fortify and Grow Existing Client Base

3. Cultivate the Right Culture

4. Practice Strategic Discipline

5. Develop Change-Oriented Leaders

 

Want to learn about how to implement each one? Check out the full webinar below, or click here and receive the entire recap free in PDF form.

 

 

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