Corporate clients have few sources of refuge. Facing a tsunami of new matters, their need well exceeds their capacity to deliver — despite hiring new, experienced in-house attorneys. This demand is driving substantial growth for outside counsel. The demand is broad and deep. The BTI Consulting Group’s 19th Annual Survey of Top Legal Officers reveals growth in at least eight practice areas:
At 12%, growth in class actions is more than double commercial litigation’s projected growth of 4.8%. Plaintiffs have become more aggressive and see numerous avenues to initiate class actions. This contrasts with commercial litigation, which was expected to skyrocket but is dominated by the early stages of employee-related litigation. More commercially oriented litigation is expected to grow once the economy or courts reopen.
These issues are impacting almost every size client — large clients are adding in-house attorneys, while smaller clients are hiring their first GC. Companies without a general counsel will rely on one or two law firms to manage their affairs.
All this translates into opportunities for law firms.
Clients are also hiring new law firms at the most torrid rate we have seen in over 20 years. The firms winning the business are finding ways to provide personalized education, helping clients hire and onboard in-house attorneys, and — most important of all — they are talking to their clients regularly. This means voice communication by videoconference or otherwise. Emails are a poor substitute for conversation and newsletters are barely read.
You can take advantage of the opportunities by exceeding client expectations. Call themnow.
These insights are based on more than 240 in-depth telephone interviews conducted by The BTI Consulting Group with top legal decision-makers at companies with $750 million in revenue or more, after the pandemic started.
You can learn all about where legal spending is growing — and where it is not — in 14 practice areas and 18 industries in BTI Consulting Group’s brand-new report, the 19th Annual Survey of Top Legal Officers. Learn more.
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