Entrepreneurial lawyers are succeeding post-recession
A new breed of dynamic lawyers is leading the charge for growth in the independent legal sector, according to research commissioned by the LexisNexis Business of Law Blog.
Half of the 161 lawyers questioned for Pt 2 of the Bellwether Report 2014: Brave New World, view themselves as entrepreneurial and keen to expand their business and such dynamism is paying off: 55% of the entrepreneurs are currently experiencing growth and 68% are projecting growth over the next five years—13% more in both categories than the average respondent.
Meanwhile, 65% are investing in technology designed to grow their practice and 68% are embracing the business management element of their role.
On average, respondents have implemented two major changes over the last year that impact the way they do business. Increased investment in processes/technology topped the priority list (65%), followed by website development (63%) and increased networking (61%).
Jonathan Whittle, market development director at LexisNexis says: “The research shows us what an exciting time it is to be involved in the independent law industry and the rapid change that is sweeping through this sector.
“These changes are driving a more competitive environment for practitioners in both independent and medium to large firms, and in turn resulting in a better service for clients.
“This new breed of lawyer is also keen to come together and share insights in to their experiences with others, networking professionally as well as with potential clients, which is where the Business of Law Blog comes in.”
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