To envision what might be a successful strategy, it often makes sense to observe what is working now.
In an effort to bring that philosophy to the legal industry, Thomson Reuters Legal Executive Institute introduced our Dynamic Law Firms study in late-2017, which examined the industry through the end of 2016. Since that time, we’ve followed our initial sample of the most successful firms, dubbed “Dynamic” firms, to see how well their strategy has performed.
As the legal industry entered 2017, the terrain was already shifting underfoot. A new presidential administration, uncertainty over Brexit, legislative and regulatory changes, and a host of other shifting forces seemed to drive client business back toward Am Law 100 firms, pulling down important performance indicators for many Am Law Second Hundred and Midsize law firms. We wondered, what impact that shift would have on the top-performing firms.
To that end, we decided an update of our original study was in order. Following the same cohorts of law firms, we examined the results in 2017 to see if our Dynamic firms were still so dynamic with another year under their belts. In short, there is a strong magnetism in an average, and our Dynamic firms felt that pull in 2017, losing some of their leading ground on the industry.
For a full discussion of this insightful update, please download a copy of our updated analysis here.
A full copy of the original report can be found here.