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November 16, 2007

Comments

Larry Bodine

You are right on. More than half of all corporate clients have fired one of their key law firms, according to research by The BTI Consulting Group in Boston. 61.1% of clients have replaced at least one primary law firm according to the research report.

This is great news for law firms trying to crack a major corporate account. The odds are now in your favor that the target corporation will have an opening for a new law firm. Happily, corporations are shifting more dollars to hiring secondary law firms, as the in-house counsel try new law firms, according to the BTI study. In fact, 51.3% of their spending will be on secondary law firms.

The time to act is now.


thom singer

this is why it is more important than ever for lawyers to embrace the concepts of building real relationships with clients and prospects. The days of just sending huge bills are coming to an end, as GC's are starting to resent the GIANT Profits Per Partner that big law firms are posting (what other private companies post their salaries and bonuses as a "brag" competition, and then get to just raise rates?)

It is getting easy to fire your lawyer, but it is hard to fire a friend. If you do not feel that your clients are your friends then you should know that your competition is getting cozy with them and you will be shown the door soon.

Great post. And the visual of a card house is right on the money.

steve

As a customer of law firms I totally resent the fact that in most situations, there is no risk sharing and therefore no real accountability for results. The client pays 3 million in fees on a big case whether they win or lose.

Most of the corporate law firms are allergic to any kind of contingency or incentive system.

They need to get with the real world but they don't because they feel that clients do not have a choice because they are afraid not to go with a top level firm.

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