According to CLO’s, Most Law Firms Not Meeting the Challenge

There continues to be a large gap between what Chief Legal Officers want and what they see their law firms delivering.  According to a new study by consulting firm Altman Weil (as reported in the American Lawyer),

…25 percent of CLOs surveyed said they were putting a ‘high’ amount of pressure on their outside panel firms to change “the value proposition in legal service delivery,” as opposed to simply cutting costs…

while

…only five percent of CLOs surveyed said firms are serious about changing their structure. Another 20 percent gave firms some credit for implementing efforts towards change, but an overwhelming 75 percent rated firms as having “little or no interest in change.”

To me, this translates into a huge marketing opportunity for firms that are willing to get out of their comfort zone.  Firms that embrace alternative billing and learn to work with more offshore vendors ( i.e. those who can deliver quality services at a much lower price point) are going to find a very receptive pool of potential clients who are looking for change.

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