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Shrinking Demand? Top 7 Reasons Firms Are Leveraging Experience Data

While the competition for outside legal services has never been more intense, the strategic approach firms take — including a strategic approach to technology — will define whether the market pressures are a threat or opportunity.

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The competition for outside legal services has never been more intense. 50% of buyers have adjusted their law firms in the last 12 months, and that will continue through 2023. See, 2023 Thomson Reuters State of the Legal Industry. Shrinking demand translated into a productivity loss totaling, on average, a $98,000 loss in fees per lawyer as compared to a similar lawyer in 2007.

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