The challenges facing law firms continue in 2018. Increased pressure to reduce rates, especially in areas where a firm is undifferentiated. More pressure to use AFAs even as the data needed to inform this effort is a struggle to identify, collect and use. As data breaches become more common at law firms, what is the best area to make investments to reduce risk?
High performing firms will focus on building depth, quality and distinctiveness in areas with less pressure to reduce rates. Communicate supremacy to the market in less commoditized, higher rate practice areas.
Reducing costs and improving capabilities requires a review of you strategy for the next 3-5 years. Let’s connect.