Our analysis of more than 500 in-depth interviews with corporate counsel reveals prime opportunities for 2015. We see more opportunities in 2015’s legal market than last year. Don’t expect the market-breaking growth we had in 2006. But at least most of the shrinking practices are flat and the deep slashing of legal budgets has slowed. And a few areas are getting just a few more dollars.
The 14 best opportunities to drive growth in 2015 include:
- Cybersecurity—growing 3 times faster than any legal market segment.
- Global companies will add $1 Billion to their outside counsel spending in the US.
- Regulatory needs in almost every industry are robust and high-priority.
- Class actions rebounds into growth mode and is poised to grow further after shrinking in 2012.
- Corporate counsel expect 310 new litigation matters in 2015. Each one offers a business development opportunity.
- Litigation triage is becoming a tool in assessing and planning for litigation.
- Large and global organizations will acquire middle market companies and startups to build out needs in products, technology and market channels to drive their own growth.
- Food companies spending 3 times more than the average company on litigation.
- Corporate counsel starting to use LinkedIn as a source of insightful published content from peers and partners in law firms.
- Law firms will mine boutique law firms for cybersecurity lateral partners.
- Natural resource and energy companies will increase M&A and litigation activity.
- High tech companies will increase spending in almost every major segment of law.
- Health care is poised to increase outside counsel spending in 7 legal segments—the most of any industry.
- Client expectations of law firms are soaring in response to pressure on General Counsel to add more business-related value.
Each of the above opportunities provides law firms a chance to not only develop more business but also put themselves in position to improve client service.
We discussed market trends and more in our annual BTI Market Outlook and Client Service Review. You can view the full webinar here: http://youtu.be/wRPnpEUi65s.