Survey Says Law Firms Risk Revenue Loss

While most law firms struggle to compete, a subset of opportunistic firms is redefining their processes to increase revenue, According to Exterro’s 2017 Law Firm Benchmarking Report. Among the findings: Law firms still primarily use hourly billing, but pricing models are trending towards a more case-by-case scenario; Clients think law firms have the capabilities to be more efficient, but law firms are not taking advantage of these opportunities; Clients want their law firms to invest more in technology because they need to defend their spending to business executives.