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Complexity and risk continue to dominate client thinking. Clients continue to eat into their internal budgets to fund outside counsel work. The need for outside counsel who can meet their new expectations remains relentless. Use these 11 trends to your immediate and lasting advantage:

Clients Are Way More Fickle, and Changing Their Budgets Big Time 

Clients are more specific and demanding—and just about ½ are different individuals than those you have dealt with before, as we will discuss in our upcoming, almost fully booked webinar: BTI Market Outlook and Client Service Review 2020. Use these trends to show you not only know what clients need today, but what they need tomorrow:

  1. Corporate counsel are cutting internal spending to fund outside counsel spending

  2. Outside counsel spending is up for the 4th year in a row

  3. Increases in outside counsel spending are outpacing overall growth in total legal spending—the first sign growing cost pressure will rear its ugly head—and making AFAs much more valuable

  4. Expect more RFPs from clients than last year as they look for law firms with the right stuff

  5. Clients want more aggressive representation in litigation

  6. M&A decision makers are the most optimistic they have been in 14 months

  7. Litigation matters are larger and consume more outside counsel spending per matter than in recent history

  8. Top legal decision makers are settling more litigation matters as they are more comfortable with the higher-risk matters absorbing most of the new spending

  9. Midsize firms are gaining more business with larger clients as the biggest law firms focus on the biggest matters and largest clients

  10. The largest legal spending industries are increasing their outside counsel spend—making pharma, high tech, telecom, and financial services ever more important

  11. The energy industry is increasing spending with little noticed fanfare, and even skepticism, by law firms

How do these trends stack up against your practice development plan and business plans? Use them as both a guidepost and tailwind to help you get to the best opportunities faster.

Please join over 1,000 law firm leaders for our annual webinar: BTI Market Outlook and Client Service Review 2020 on January 15, 2020, at 12:00 pm ET to discuss these trends and much more. You can also learn about these and more detailed trends and opportunities in: BTI Practice Outlook 2020, available immediately.

Best in the market ahead and a happy, healthy new year!

MBR

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