Two recent surveys really point out how important it is for law firms to stay very close to their existing clients. Not only by communicating constantly, but seeking feedback on how the firm is doing.
Because clients, especially in-house counsel, continue to be concerned about the costs of outside legal services. As a result, both surveys tell us that corporate counsel are going to bring more legal work in-house and fire outside law firms:
- InsideCounsel’s 19th Annual Survey of General Counsel (July 2008) reports that 61.2% anticipate bringing more work in-house, and 41.5% (up 8.5% from last year) have or plan to fire outside law firms in 2008.
- Altman Weil’s 2008 Chief Legal Officer Survey reports that 49% plan to hire additional in-house lawyers this year (up 9% over last year); and 48% of CLOs “are considering firing at least one” outside law firm this year (up from 32% last year).
Accordingly, it behooves (gosh can’t remember last time I used that word) firms to stay very close to clients, so they are not one of the firms impacted by such moves.
Maybe that is why more firms are hiring or have dedicated in-house persons focusing on seeking client feedback. Best to know if there are issues that need to be addressed before your firm is one of those shown the door.