Activity and New Matters to Surge
60.7% of clients expect to see a jump in the number of litigation matters they will be handling in 2014. The typical larger company is expecting 44 more substantive matters than 2013, with increases taking place across almost all major fronts, including:
- Regulatory
- Labor
- Class Actions
- Securities-related Litigation
- IP Litigation
Each new matter represents an opportunity for new business.
Spending Is Heading Down
Litigation is the largest part of most medium- and large-sized companies’ legal spending, accounting for 38–41% of a typical corporate legal budget. Companies have been attacking litigation costs with a vengeance since 2010.
In 2013, we see more aggressive and widespread use of early case assessment (ECA) as a cost management tool. The combination of ECA, alternative fees, budget enforcement, alternative staffing and a focus on settlements convinces corporate counsel they can manage the new surge in matters with minimal, if any, spending increase.
Unexpected Opportunity
Law firms who can develop a protocol to help clients evaluate and triage new matters on a continuing basis are best positioned to turn the surge into business. As clients start to select law firms on the basis of a firm’s ability to help manage the surge of activity, your firm will see significant and lasting impact with this growth-oriented business model. Your goal is to embed your firm as part of the ongoing process.
Find these recommendations and more in BTI’s Litigation Outlook 2014: Changes, Trends and Opportunities for Law Firms.