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Shrinking Demand? Top 7 Reasons Firms Are Leveraging Experience Data
The competition for outside legal services has never been more intense. 50% of buyers have adjusted their law firms in the last 12 months, and that will continue through 2023. See, 2023 Thomson Reuters State of the Legal Industry. Shrinking demand translated into a productivity loss totaling, on average, a $98,000 loss in fees per lawyer as compared to a similar lawyer in 2007.
Add to this an expanded playing field of competitors that now include an array of midsize law firms, boutique and specialty firms, accounting firms, new law companies, and the proliferation of other, well-funded alternative legal services providers who are taking significant client and market share away from traditional law firms. See, 2023 Alternative Service Legal Providers Report from Thomson Reuters.
Looking forward to 2023, firms appear to be counting on rate increases to maintain profitability, but there are signs that clients are likely to be more resistant to further rate hikes as payments slow down and realization was in decline at the end of 2022. See, 2023 Thomson Reuters State of the Legal Industry.
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