The Commonwealth Bank’s latest Legal Market Pulse highlights how Australian law firms are responding to changing market conditions to find new growth opportunities.
According to the report, longer term trends indicate the impact of disruption and the challenges faced by the industry are the result of structural change rather than cyclical factors.
In an environment of muted economic confidence and changing client behaviours and expectations, mid and top-tier firms are mixed in their projections for the sector.
Both mid and top-tier firms identified the key business challenges limiting growth to be price negotiation, a reduction in new business opportunities and intense competition as clients become less loyal.
The analysis shows how the industry is responding and notes that firms which excel at pricing are more optimistic about the future.
“Firms who master the art of successful price negotiation not only achieve higher margins, they can also increase client satisfaction and build stronger relationships by highlighting the value they offer, rather than the costs they charge,” said Marc Totaro, Head of Professional Services, Commonwealth Bank.
Enabling customers and partners to make better informed strategic decisions, the report provides in-depth analysis of key trends shaping legal services in Australia.
For a copy of the full report contact firstname.lastname@example.org.