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>: From 2009 to <strong>20<strong>14</strong></strong>In May 2009, we launched the first <strong>Law</strong> <strong>Firms</strong> <strong>in</strong> <strong>Transition</strong> Survey to measure the impact ofthe f<strong>in</strong>ancial crisis and emerg<strong>in</strong>g recession on the legal profession. That year, and <strong>in</strong>each subsequent year, we have asked law firm leaders to assess each of a series oftrends as either temporary or permanent. The follow<strong>in</strong>g table illustrates how op<strong>in</strong>ionshave changed.The ten trends listed below are those that have been asked <strong>in</strong> the survey each year s<strong>in</strong>ce2009.‘Yes’ - Permanent Change2009Response<strong>20<strong>14</strong></strong>ResponseChange<strong>in</strong> %MagnitudeIncreaseMore price competition 42.4% 93.8% +51.4 2.2xMore commoditized legal work 25.5% 88.6% +63.1 3.5xMore non-hourly bill<strong>in</strong>g 27.9% 81.9% +54.0 2.9xFewer equity partners 22.8% 74.1% +51.3 3.3xMore contract lawyers 28.3% 71.5% +43.2 2.5xReduced leverage 12.1% 65.4% +53.3 5.4xSmaller first year classes 11.4% 60.3% +48.9 5.3xLower PPP/Slowdown <strong>in</strong> PPP 13.2% 58.3% +45.1 4.4xOutsourc<strong>in</strong>g legal work 11.5% 50.7% +39.2 4.4xLower / Hold l<strong>in</strong>e on associate comp 9.5% <strong>21</strong>.1% +11.6 2.2xAn Altman Weil Flash Survey 2
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