Is a law firm Hunger Games in the cards? It could be, at least in major markets where Biglaw is facing increasing competition across the board. And they are not just competing against one another, they are competing against in-house legal departments as well.
“Local law firms, like those across the country, will grapple with a market where revenue increases are driven by rate hikes, not demand, and where international embarrassment is never more than a keystroke away. Growth in revenue and profits per partner will remain in the mid-single-digits nationwide, predicts a report issued this month by Citi Private Bank and Hildebrandt Consulting. “The slow-growth environment has created a hyper-competitive market,” it says. “This higher level of competition extends to competition for matters, for clients, and for talent.””
Read: Law in 2018 – It’s Looking a Little ‘Hunger Games’ Out There at Crain’s Chicago Business