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Are Large Firm Rates Pushing Clients to Seek Other Alternatives?
Firms have been especially deliberate during the pandemic to increase the number of touch points they have with existing business, deepening ties with their roster of current clients by referring matters across practices and rewarding partners for that kind of origination. (See, "How This Am Law 100 Firm Is Creating More Business Connections With Current Clients," The American Lawyer.)
But with marketing spend surging and clients increasingly willing to move work around, Big Law firms' incumbent advantage could begin to wane. (See, "After Staggering Increases, Law Firm Overhead May Continue to Grow," The American Lawyer.)
There's nothing terribly novel about trying to sell new work to old clients. Sometimes, the easiest pitch is to a repeat customer. However, analysts say cross-practice referrals are among a handful of behaviors that have been consistently rewarded as compensation has risen and as firms doubled-down on areas of strength over the last few years.
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