2017 is bringing a high level of uncertainty for law firms. The new administration’s emphasis on de-regulation, the impact of Brexit, and the proposed federal budget cuts have law firms scrambling to make sure they represent their clients well.

Law360 looked at the practice of law in 2017 and noted that the demand for law firm service is flat while at the same time costs are rising. Competition for the right talent is high and even more importantly hiring and retaining a diverse lawyer base is becoming more important to firms and their clients.

It is vital for law firms to differentiate their strengths, whether that is lower overhead or efficiency and value, or emphasizing a practice specialization. Firms specializing in healthcare, cybersecurity, and international trade will see a rise in business. Two other areas of law that should see expanded growth are cannabis and the craft beer and spirits industry.

According to a recent Forbes article the top three issues for law firms of all sizes was:

  • Focusing on strategy
  • Succession planning
  • Management matrix

Building the client relationship is still a core value and service. In today’s world that means law firms also need to work closely with in-house legal departments as partners. For additional information about the current state of the market and some long-term challenges review the 2017 Report on the State of the Legal Industry, aka ‘The Georgetown Report’ .

Unsure of how to navigate the challenges of 2017, Access/Information is your behind-the-scene knowledge base, helping you define objectives, find, and deliver the information you need.