BigHand, a leading provider of technology solutions for busy legal professionals that provide data and insights to increase value and profits, has unveiled the results of its comprehensive market research, shedding light on the current state of the legal industry.
The in-depth study, conducted across more than 800 law firm leaders, offers a clear picture of market trends and the diverse strategies adopted by firms to navigate the changing landscape.
The research findings paint a challenging outlook for the legal sector, with a staggering 75% of respondents reporting a decline in demand over the past 12 months. Additionally, 75% are also anticipating a continued decline in demand for legal services over the next 12 months. This revelation highlights the need for law firms to adapt and evolve to remain competitive in an increasingly uncertain market.
The study showcases the different strategies law firms are taking to effectively navigate these challenging times.
"Our goal with this research was to provide law firm leaders with valuable insights into market trends and equip them with the knowledge to make informed decisions," said Briana McCrory, CMO at BigHand. "We wanted to identify key areas where firms can adapt and find new opportunities amidst the changing landscape of the legal industry."
The research conducted by BigHand is the most comprehensive of its kind, encompassing a global sample of law firm leaders. The findings have been divided into five shorter reports, with the first report being released today, which specifically looks at the decline in demand for legal services and the emergence of the business-savvy buyer.
Key highlights from the research include:
BigHand's research will provide valuable insights to law firms, helping them navigate the shifting landscape and make informed decisions. The subsequent reports will explore additional aspects of the legal industry across resourcing & retention, hybrid working, staffing structures and the use of technology. It aims to offer actionable strategies for law firms to enhance their competitiveness and profitability.
For more information on BigHand's research and to access the first report, please click here or contact This email address is being protected from spambots. You need JavaScript enabled to view it. .
Through technology, insight and experience, BigHand delivers success for the future by helping law firms achieve professional productivity and operational excellence. We pride ourselves on communication. We'll take the time to understand the challenges you face and craft a solution suited to your needs, using a combination of workflow and task delegation, document creation, digital dictation workflow, intuitive reporting and analytics, matter pricing, or clinical correspondence.About BigHand
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