The research findings paint a challenging outlook for the legal sector, with a staggering 75% of respondents reporting a decline in demand over the past 12 months. Additionally, 75% are also anticipating a continued decline in demand for legal services over the next 12 months. This revelation highlights the need for law firms to adapt and evolve to remain competitive in an increasingly uncertain market.
The study showcases the different strategies law firms are taking to effectively navigate these challenging times.
"Our goal with this research was to provide law firm leaders with valuable insights into market trends and equip them with the knowledge to make informed decisions," said Briana McCrory, CMO at BigHand. "We wanted to identify key areas where firms can adapt and find new opportunities amidst the changing landscape of the legal industry."
The research conducted by BigHand is the most comprehensive of its kind, encompassing a global sample of law firm leaders. The findings have been divided into five shorter reports, with the first report being released today, which specifically looks at the decline in demand for legal services and the emergence of the business-savvy buyer.
Key highlights from the research include:
BigHand's research will provide valuable insights to law firms, helping them navigate the shifting landscape and make informed decisions. The subsequent reports will explore additional aspects of the legal industry across resourcing & retention, hybrid working, staffing structures and the use of technology. It aims to offer actionable strategies for law firms to enhance their competitiveness and profitability.