Leading Indicators in the Business of Practicing Law
Law Firm Shake-up: $5.2 Billion Up for Grabs.
Corporate counsel are in the midst of a hiring frenzy—on average, large and Fortune 1000 clients added 10 law firms to their core rosters this past year. At the same time, nearly two-thirds of clients replaced their primary providers, driving more than $5 billion into the hands of newly hired law firms. “Low satisfaction is driving corporate counsel to replace primary firms,” explains Marcie L. Borgal Shunk, a principal of BTI. “The most strategic law firms secure their spot by soliciting client feedback, investing in top clients and showing clients how important they are to the law firm.” The BTI Consulting Group annually conducts more than 200 interviews with corporate counsel at large and Fortune 1000 organizations. These findings are drawn from BTI’s most recent analysis.