Warning: New Generation of Law Firm Leaders Want to Crush You Like a Bug

New law firm leaders bring change. And some are bringing aggressive change — trying to bend the legal landscape to their advantage. If this means crushing you like a bug — no worries — it’s just business. They plan to win and win big.

In 2015 the largest 30 law firms wanted to crush you like a bug. Now — it’s next-generation law firm leaders’ turn. They want to win big — see no barriers to doing so — and are moving to make it happen.

Overall, our survey of 110 law firm leaders reveals 5 core strategies or subsets of thinking about the market. They look like this:

• Crush you like a bug at 9.8%
• There is enough for everyone at 15.2%
• On a battlefield — winning some and losing some at 66.7%
• Chasing the competition at 4.5%
• Only a few competitors to worry about at 3.8%

Crush you like a bug (9.8%)

These mostly Am Law 31-100 firms don’t believe there are any structural boundaries to their ability to grow — in virtually any market. They are:

• • Undertaking aggressive, large-scale lateral hiring
  • Targeting top clients and markets
  • Building infrastructure to support growth

These firms’ leaders assumed their role 30 months ago or less — they are the next generation to take the reins. They relish taking on the status quo and breaking convention. They see themselves as setting the pace for other firms and leading the market.

There is enough for everyone (15.2%)

These firms believe they will get their share of growth. They largely plan to grow with the market or through rate increases. They don’t see themselves aggressively picking up new clients or adding a substantial number of laterals.

On a battlefield — winning some and losing some (66.7%)

2/3 of law firm leaders see themselves fighting for clients and market share. They expect to win clients and lose clients. They are happy with their place in the market — at least for now.

Chasing the competition (4.5%)

These firms see themselves as behind the curve. Most are losing clients and finding it harder to land new business. They realize upping their game is a key to long-term success. They feel like the firm is resistant to boosting business development performance.

Only a few competitors to worry about (3.8%)

A small but important group of leaders don’t think about competition. They are committed to their strategy and see tracking competition as a distraction.

 

The law firms who want to crush you like a bug could easily be targeting your laterals and clients. The presence of even a small group of aggressive firms puts all others on notice: protect your partner ranks and clients.

We expect an increase in the number of the most aggressive firms — making it more difficult for everyone else. Considering only 35% of clients recommend their primary law firm to a peer — the market is ripe for the aggressive, client-savvy firms to pick up market share and clients. Take advantage of it while it lasts.