No firm has come out unscathed in the new legal climate and this could not be truer for the mid-size market. Charged with going against the bigger firms in an ever-growing competitive market where in-house work is staying in-house, reliance on outside counsel is diminishing, and alternative service providers are commoditizing legal services, it is not an easy market to navigate.
Yet, given the circumstances mid-size firms remain optimistic. According to the “Strategic Planning: Key to Smart Growth” white paper recently released by Thomson Reuters and The Managing Partner Forum, more than half of mid-size firm leaders said they felt “very confident” or “extremely confident” in their firm’s ability to succeed in the current legal market.
Not only are mid-size leaders confident in their firm’s ability to succeed, they have reason to be so. Nearly 90% of firm leaders indicated their firms either “met” or “exceeded” their profitability goals in 2014.
…More than half of mid-size firm leaders said they felt “very confident” or “extremely confident” in their firm’s ability to succeed in the current legal market.
This is not to say there are not challenges within the market place, according to the report. Mid-size firms are putting a stake in the ground and working to plan strategically, making smart investments in technology and talent, as well as focusing on the delivery of legal services, the report showed.