Altman Weil’s Law Firms in Transition 2017 report includes sections on industry trends, market demand and competition, profitability, pricing, efficiency of legal service delivery, lawyer staffing strategies, law firm growth and economic performance. Some takeaways: 1) 2/3rds of firms report losing business to corporate law dept insourcing; 2) 19% firms report alternative providers taking business (40% see as threat) ; 3) 94% say an improved focus on practice efficiency is a permanent trend but only 49% chasing their approach; 4) LPM not yet generating convincing results BUT; 4) only 30% of firms say they link AFAs with the way work is staffed and delivered; 5) 49% using technology to replace human resources with 85% think it will be permanent trend; 6) 7.5% firms reporting using AI and 29% exploring their options.; 7) 50% report active innovation projects/efforts (e.g.,technology and data analytics; new business ventures, efficiency, pricing and staffing improvements; client engagement and retention.)

2017 Altman Weil Law Firms in Transition Survey