That expectation is one reason so many are paying attention to the financial results announced by Fried Frank. As AM LAW DAILY reports, the law firm had a bad first half and a good second half. That's not what was supposed to be in the cards. Instead, gross revenue declined 6.3%, revenue per lawyer went down 2.6%, and profit per partner declined 16.8%.
"It's unlikely that the 'business as usual' from pre-2007 will return," observes Boris Kreiman, Chief Executive Officer of Laws.com. "Competition for new business will remain stiff and there will continue to be client churn. That's why lawyers have to not only keep marketing but experiment with new ways of attracting and retaining business. A piece of that will be learning how to use BigData, particularly predictive analytics."
On Bloomberg, Bruce MacEwen of Adam Smith, Esq. had predicted the end of growth in the legal sector. In a sense he frames it as a zero sum game. However, through BigData, for example, law firms could develop new kinds of products, expand beyond the boundaries of conventional law practices, and not only run operations more cost efficiently but also the strategies for managing cases.
Full Disclosure: I assist Laws.com with communications.