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Leadership: Differentiation Amid Upheaval
Recent news reports suggest that large groups of outraged consumers can influence the pricing policies of large businesses and financial institutions. The Occupy Wall Street movement? No! In-house counsel have, after years of grumbling, finally motivated law firms to act differently, putting client needs above the law firms' own arcane business models and billing policies. However, few law firm leaders view these changes as positive, so many do a poor job of promoting their enhanced capabilities as a competitive advantage.
What Has Really Changed?
According to a recent study conducted by legal management consulting firm Altman Weil, most law firm leaders believe that increased price pressure is a permanent fixture in the buying and selling of legal services. Accordingly, nearly all large law firms employ some version of non-hourly billing. (See Law Firms in Transition 2011 at www.altmanweil.com.)
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