Jordan Furlong, a leading analyst of the global legal market and forecaster of its future development, explains why just because law firms aren’t getting as much work as they used to, that doesn’t mean there’s less work to be gotten.
Corporate clients are actually spendingmoremoney; they’re just not spending it on law firms.
The buying patterns of corporate legal clients have changed. Clients are buying less of some things (the efforts of lawyers billed hourly) and more of other things (the efforts of lawyers priced flat, software and AI, process improvements, legal analytics, offshore talent, and more). This isn’t a future trend: it’s an entrenched reality, right now and for the next few years at least.