MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14
MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14
MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14
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<strong>20<strong>14</strong></strong> L<strong>AW</strong> FIRMS IN TRANSITION<strong>Law</strong> <strong>Firms</strong> <strong>in</strong> <strong>Transition</strong>: <strong>20<strong>14</strong></strong> TrendsQ:Which of the follow<strong>in</strong>g legal market trends do you th<strong>in</strong>k are temporary and whichwill be permanent?More price competition93.8%Focus on improved practice efficiency93.8%More commoditized legal work9.0%88.6%Fewer support staff7.3%88.6%Technology replac<strong>in</strong>g human resources<strong>10</strong>.7%84.8%Competition from non-traditional service providers6.6% 11.1%82.3%More non-hourly bill<strong>in</strong>g13.9%81.9%Increased lateral movement13.1%12.4%74.5%More part-time lawyers5.9%20.1%74.1%Fewer equity partners6.9%19.0%74.1%More contract lawyers7.6%20.8%71.5%Smaller annual bill<strong>in</strong>g rate <strong>in</strong>creases17.4%<strong>14</strong>.9%67.7%Reduced leverage12.8%<strong>21</strong>.8%65.4%Smaller first-year classes22.8%16.9%60.3%Slowdown <strong>in</strong> growth of profits per partner23.6%18.1%58.3%Outsourc<strong>in</strong>g legal work13.5%35.8%50.7%Hold<strong>in</strong>g the l<strong>in</strong>e on associate salaries57.1%<strong>21</strong>.8%<strong>21</strong>.1%0% 20% 40% 60% 80% <strong>10</strong>0%Temporary Not sure PermanentAn Altman Weil Flash Survey 1
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