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Law firm transformation
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In response to changing market conditions, law firms are restructuring how they provide services to clients, how they are organized, and how they can more cost-effectively operate. Over the last few years, economic conditions have forced law firms to change in order to be competitive.
Challenged with a slow growth in demand for legal services and a growing shift in the level and types of fees clients are willing to pay, law firms are experiencing shrinking profit margins. Law firms need to make major changes to their cost structures and operating models to thrive (and for some, to survive) in the new economic environment.
Deloitte is actively engaged with top law firms to address challenges across this dynamic marketplace. This includes leveraging strategies such as:
- Shared services and outsourcing to optimize enterprise costs and performance
- Designing and implementing rewards enhancement and securitization programs
- Driving value and efficiencies through organization restructuring
- Assisting firms in analyzing the use of alternative fee arrangements in response to clients’ increasing resistance to the “billable hour”
- Improving the efficiency and effectiveness of operations and the underlying support service cost structure
- Revenue cycle and pricing optimization
- Alternative workplace / real estate restructuring and location strategy
- Wealth management advisory services
- Assessing and designing total reward packages to align with performance and market pay
- Attracting, developing and retaining top talent across generations and geographies
- Change management advisory services
Featured insight: The resurgence of corporate legal process outsourcing
The resurgence of corporate legal process outsourcing: Leveraging a new and improved legal support business model when examining whether LPO – or a particular LPO provider – fits a company’s legal needs, leaders should consider three key areas:
- Current legal needs
- Inherent risks
- Cost, quality and capacity