Highlights from the latest CBA Legal Market Pulse report were presented to enthusiastically engaged audiences of law firm leaders in Adelaide and Melbourne last week.
Senior executives from more than 30 law firms engaged to share their views on the industry and the outlook for the Australian economy. Three key topical points stood out.
Growth in the proportion of revenue from AFAs (alternative fee arrangements) is increasing – and will almost certainly continue to rise among Australia’s top law firms. On average, 28% of firms’ revenue comes from AFAs, a 5% increase compared to last year. This figure is expected to rise to 33% in the next 12 months.
Australian law firms are under more pressure from clients to use LPO (legal process outsourcing). Two in three top-tier firms agree that this pressure is growing, similar to trends seen across Europe and the United States of America.
In addition to providing pro bono services to the not-for-profit sector, a substantial proportion of law firms use these relationships to derive commercial returns. It appears that there is commercial importance in the not-for-profit sector, particularly in employment, workplace and OH&S and litigation and dispute resolution services.
The CBA-Beaton Legal Market Pulse is conducted quarterly among the CEOs/Managing Partners of the top law firms in Australia. To obtain a full copy of the report, please click here.
This post on selling consulting and environmental engineering services is written in response to readers asking me to follow up on my earlier blog on the art of selling professional services generally.
This post is based on findings over many years in the Beaton Benchmarks studies in consulting and environmental engineering services. The post drills down into selling consulting and environmental engineering services – and reminds us of the real value of hard data in designing and executing our strategies. (more…)
Don’t miss out. Entries have been extended to 26 September 2014.
Check out the Client Choice Awards website at www.clientchoiceawards.net for more information on how to apply.
If you still need more reasons to apply then here are some glowing testimonials from 10 leaders of professional service firms who have been finalists or winners in the past. (more…)
Flying across Lake Michigan to land at O'Hare airport today, I was recalling what I know about Chicago.
One thought led to another and courtesy of in-flight wifi, I thought I’d share some data to challenge you to think about the premium in your firm's brand. (more…)
Applications for the 2015 Client Choice Awards opened last week. Regular participants in the Awards need no reminding that these are the most prestigious awards for the professions.
For those firms that have not entered in the past you simply need to think about the type of positive publicity you could gain from being a finalist or winner. Applying will be the easiest decision you make this year. And could prove to be one of the best you ever make. (more…)