Buyers of legal services now utilize metrics, analytics, and data to gain insight into their legal spend, evaluate counsel, and benchmark fees and staffing.
Reducing hourly rates, which became the strategy for
many buyers of legal services, simply reduced the cost per unit of output for the law firms.
This is especially true in the property casualty insurance realm,
where buyers of legal services are increasingly interested in wins, and not players.
In essence, the thrust of most legal directories is to provide information to enable
potential buyers of legal services to make a more informed choice about which legal advisor to use.
In the research process, these nominations from members are verified, counted and also weighted, with the region's
biggest buyers of legal services being given more prominence in the process.
However, the mounting pressure on fees and the growing sophistication
of buyers of legal services means that increasingly firms are required to find cost - effective ways of carrying out these simpler elements of high - value engagements.
There were two winners in this new category for 2014 — and they were the partners who received the most recommendations from general counsel in Legal Week Intelligence's 2014 Client Satisfaction Survey, which surveyed more than 1,400 general counsel and
other buyers of legal services.
The terms «predictability», «cost certainty», and «transparency» are frequently used
by buyers of legal services who are faced with the unenviable task of curbing legal department spend while maintaining regulatory compliance and minimizing the exposure to risk their companies face.
Over 500
buyers of legal services in India and domestic law firms fed into the survey to determine which foreign firms they rate most highly.
The critical aspects included in BTI's definition of law firm brand are the direct result of more than 4,500 interviews with
buyers of legal services over the past 15 years.
There is actually nothing particularly new about this revelation as it is consistent with recent Altman Weil Law Firms in Transition reports showing that price is the determining factor for fewer than 10 % of
institutional buyers of legal services.
The legal complaints process, in as far as it applies to large corporate clients, has always been a thorny issue, as top City law firms have long asserted that their clients are
intelligent buyers of legal services with little need for pointers when it comes complaining.
If your lawyers were told they were writing a work of art, to be provided exclusively to the most
prestigious buyers of legal services around, do you think they would up their game?
With pressure from the business increasing to reduce legal department costs, many
buyers of legal services began requesting fee structures that were an alternative to the billable hour, including fixed - and flat - fee engagements, putting the onus on law firms to improve their efficiency.
First, James Beckett, the CEO of Qualmet, predicts that, for the first time, «the status quo will forever be altered»
because buyers of legal services will have access to meaningful, comparative and lawyer performance data, allowing side - by - side comparisons.
In fact, they suggest that Watson will
give buyers of legal services the confidence to push «fixed fee» arrangements, eliminating once and for all process inefficiencies from the billing process.
TGO Consulting conducted interviews with 15 general counsel at large
buyers of legal services across several jurisdictions in December 2015 to February 2016.
With regulations, such as the new code of conduct, and increasing demands
from buyers of legal services, practices are now faced with a multitude of management challenges.»
Law firms should continue to tell clients directly about their strengths, but prospective
buyers of legal services want to hear an unbiased voice — and directories provide that.
Legal Week Intelligence, Legal Week's research arm, has launched the 2017 Best Legal Advisers Survey, which is now available for all general counsel and
other buyers of legal services to complete here.
The likes of BTI and Acritas have carved out strong names conducting extensive surveys
of buyers of legal services and then packaging those results up to show which law firms are ahead of the pack.
Have a detailed biography on your website that includes descriptions of recent and representative matters handled and in what industries (the most
sophisticated buyers of legal services, including in - house counsel, say they don't want to explain the jargon of their business and are swayed if a lawyer has experience with the legal issue at hand).
This is largest and most definitive poll of
actual buyers of legal services, and hence one of the most important surveys of the legal market conducted in Asia and Middle East.