That report also contains additional data compiled by the Citi Leaders Council Survey and Thomson Reuters.
The Citi Leaders survey comprised 48 large law firms and found:
- Respondents project using AFA's for 15.4% of their firms' revenues in 2011, up from 12.9% last year.
- 96% of respondents indicated they expect increased use of AFAs during the next three years.
- 89% forecast increased use of pre-matter budgets.
- 71% expect increases in their use of teams to manage matters/projects.
- 61% percent expect increased use of contract lawyers.
- 55% expect increased use of non-lawyer project managers.
- 43% expect an increase in the outsourcing of routine legal activities.
These are significant expectations for evolving business models, and the Hildebrandt Client Advisory summarizes these projections with this:
"We fully expect that the experimentation with new service delivery models and new pricing strategies that we have seen over the past couple of years will continue and expand in 2011. Thus, we believe that firms will continue to focus on project management skills and other techniques for improving efficiency, including the outsourcing of legal and non-legal aspects of their work and the use of technology to automate workflows and to reduce the number of staff required."
24 comments:
Really Good blog post.provided a helpful information about additional 2011 projections.keep updating...
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