Changing Market for Legal Services Places New Focus on Practice Management
Law firms are recognizing that the days of operating like a regulated industry are fading fast. Like the airline, telecom, and rail businesses in prior years, forward-thinking law firms understand that they are operating in an increasingly competitive marketplace and that they must transform themselves in order to thrive. Practice management is one of the key components in this transformation for law firms to be successful in the long term. Today’s law firms face significant internal and external challenges as they strive to increase net income per partner and compete for both clients and lawyers in the legal marketplace. Traditional models for law firm success that are outdated and law firms are realizing the need to reinvent themselves in order to survive. Common pressures facing law firms and law firm management today include:
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