This article suggests that clients are not receiving the innovation they want from their law firms. Surprised? No, I didn't think so.
Consider the following though:
- So far, top 100 law firm revenues are up 6% on last year, from £3.68bn to £3.9bn
- This is slightly down on the 7% increase at the same point last year
- However, average PEP this year is up 18% on last year, from £517,937 to £611,562
- This is a significant increase on the 3% increase at the same point last year
So firms are finding a way to make their money work harder (much harder) for them.
Contrast this with what clients say they're getting - or not getting - and it seems clear where firms are investing their innovation efforts...
Clear trends have emerged from this year’s Business Leadership survey. In-house legal teams confirm they are under increasing pressure to deliver more for less but the drive to embrace innovation remains elusive. Has there been a step change in the legal market in terms of the services that clients are being offered? And if so, has there been a similar step change in terms of the services clients are using? Bluntly, the research among in-house lawyers for this year’s Business Leadership Guide suggests the answer to both questions is no.