Law firms are facing competition from their very own clients, who are taking work in-house and using technology to get work done efficiently:
“Clients are the biggest competitors to law firms and are taking work from them, a top European marketer says. Andrea Miskolczi, chief business development and marketing officer at Wolf Theiss, says inhouse teams are investing in technology and, with only one sector and one client to understand, are bringing more work in-house. Speaking on ‘Managing Innovation in the Face of Disruption’ at the Law Firm Marketing Summit, she said that the disruption occurring in the legal marketplace was a natural progression of what has happened in other industries and that if law firm partners could charge for every hour, they would not be under pressure to invest in technology.”
Read: Clients are ‘biggest competitors’ to law firms at GlobalLegalPost