The financial results reporting season has begun in earnest. Last week, Citi Private Bank and Hildebrandt Consulting released their “2016 Citi/Hildebrandt Client Advisory.”
Last year’s report suggested, at least to me, that the pace of change, especially efficiency advances, at large law firms would accelerate in 2015. That appears not to be the case; indeed, this year’s Advisory sees operating expenses on the rise.
What does appear to have accelerated, however, is the client pattern of moving legal work away from the largest law firms in pursuit of cost efficiency from other providers. This trend, together with others, increase the imperative for systemic change.Read More