Do law firms need consulting services?

Key Takeaways

  • Constraints in terms of time, staffing and budget, coupled with lack of specific tools, resources and skill sets are some of the major factors preventing business development professionals at law firms from meeting the research requirements of attorneys
  • As the pandemic continues to ravage industries and economies globally, law firms need to prepare for a wide range of scenarios — from increased demand in certain sectors to growth in competition, as pricing pressure increases and clients demand outcome-based fee models.
  • There is an increased demand for analysis-based proactive intelligence as opposed to the earlier reactive intelligence solutions. Only 24% of the law firms surveyed have proactive and analytical CI functions
  • Law firms need to be farsighted in such tough times — they should develop or sharpen a granular view on sectors, clients, practice areas, geographies and other priority areas. They need to advance beyond information gathering, which, although useful, cannot offer decision makers the fuller benefits of actionable intelligence

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Acuity Knowledge Partners

Acuity Knowledge Partners

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We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/