Previously unseen matters are pouring in along with the old — soaking up a good portion of new legal spending.
And clients are seeing more reasons to relook at M&A — not to mention the record backlog. Combine this with in-house attrition and retention issues and it all adds up to big spending for outside counsel.
5 Practices Hogging Most of the Growth
The legal spending fire hose is still open. But it is more targeted than the last 2 years. This is driving growth twice as fast as the overall market in 5 practices, and another 3 practices are right behind them.
5 Fastest Growing Practices
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- Investigations
- Data Privacy
- Private Equity
- Regulatory
- Labor and Employment
3 Practiced Slated for Impressive Growth
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- Class Actions
- Litigation
- M&A
Icing on The Cake
The icing on the cake may be the flow of new types of matters into client portfolios. They are meaty and interesting — the kind attorneys tell us they love. This includes:
- New and unexpected fraud and discrimination claims from company use of social media
- Broad pursuit of forever chemicals
- State level data privacy (all of which are different and far reaching)
- A bevy of labor related issues
- ESG
- A swirl of new regulations
- M&A in a world of uncertainty
The Inside Scoop on Winning the Work
Winning law firms are honing their message for each practice — and the biggest winners have industry-specific messages. They are bringing new strategies and brainstorming with clients. But these are tuned to the clients who want to know your strategy — and those who want your interpretation of the problem.
You can learn what clients want in each practice in the just-released BTI Practice Outlook 2023: Target the New Work and Business Development Strategies for an Uncertain Economy.
Find the Hottest Spots by Practice — BTI’s Practice/Industry Opportunity Matrix 2023
Our most popular and powerful tool to drive business development. We take our analysis one step further and break down legal spending by 18 industries and 15 practices.
Quickly spot spending surges and get the inside scoop on why and how to capture the work. Only in the BTI Practice Outlook 2023: Target the New Work and Business Development Strategies for an Uncertain Economy.
About the BTI Practice Outlook 2023
Designed for uncertainty the BTI Practice Outlook 2023 is your guide and the gold standard for laying out the next phase of legal markets — as our research has been for 31 years. In use by more than 200 law firms, this is the source to map out your business development with precision.
Best in the market ahead.
MBR
The Mad Clientist
