The perfect storm for #OldLaw?

In my last post I mentioned that I may post some further thought I had on this year’s Altman Weil Chief Legal Officer Survey.

One further comment on the Survey findings I did want to make relates to what I consider to be ‘the perfect storm’ brewing for the so-called #OldLaw or Traditional Law firm model.

And the best thing about this post is that my point can be made by showing you the following three easy to read charts from the Survey:

Chart 1

QUESTION: What are the chances you’ll be spending more money with me – your outside counsel – in the medium to long-term?

aw-1

[click on chart to expand]

ANSWER: Not an awful lot!

Chart 2

QUESTION: If you are not giving me – your outside counsel – the work, then who are you giving it to (ie, who is my main competitor)?

 

aw2

[click on chart to expand]

ANSWER: Yourself!

Chart 3

QUESTION: When you do give me work, what are the chances that you are going to ask me for a discount?

aw3

[click on chart to expand]

ANSWER: Very likely indeed!

Have to say, reading these three charts I’m left with the feeling that outside counsel are in for a very rough ride unless they are 100% focussed on what they want to do, and who they want to do it for!

RWS_01

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2 comments

    1. Morning squire. Indeed, and we also need to be prepared to action client responses; regardless of how hard that may be. Too often, we ask the question, don’t like the answer, ignore, re-ask the question next time we see the client in the hope of a different answer. R

      Liked by 1 person

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