Independent law firms who offer clients a bespoke service will win business from their generalist competitors, according to a new report by LexisNexis.
Quality beats quantity is one key message from the first of a trio of Bellwether Reports for 2017, The Art of Success, which was published this week. The report paints a positive picture of the legal landscape from the point of view of independent law firms—87% of firms said they’re either stable or growing, higher than any year since the Bellwether Reports began in 2013.
Being bespoke was the key driver to their success, according to 65% of those interviewed. Moreover, 69% expect an increase in smaller, niche firms in the next three to five years. And 65% predict specialist firms will attract business away from traditional high-street firms.
The specialists rated their priorities and success criteria differently from their generalist cousins. 27% of specialists attach a high importance to being well informed about their clients’ business, compared to only 19% of all those interviewed. Specialists are also more concerned about the quality of their legal expertise—70% cited this as a contributing factor to success versus 57% across the whole sample.
Across the board, however, most independent law firms see success as a trinity of three elements—the quality of their expertise, solid commercial logic and commitment to a happy working environment.
‘Disenchanted by the way that larger law firms operate, successful independent lawyers are determined to learn from their past experiences and create a healthier working culture in their own firms for staff and clients alike,’ said Jon Whittle, market development director at LexisNexis UK.
‘Their firms’ ethos, driven by things like bespoke service, good staff morale, fairer pay, realistic targets and common business goals, is delivering both commercial success and job satisfaction. These new enlightened decision makers are proving that business achievement starts with client care and a good working environment and culture for their people. It’s these elements, coupled with sound investment in the right tools, technology and information to enable them to provide the bespoke services their clients now expect, that will help them to not only survive but thrive over the coming months and years.’
The Art of Success is the first of three reports in the Bellwether 2017 series and is based on 10 qualitative interviews and quantitative research among 118 lawyers in independent law firms, focusing on the theme of success. Each report will build on the previous report.
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