When the Big Dogs Come to Town
The continued consolidation of clients and law firms is now being taken seriously – very seriously – by firms of all sizes. For the national or regional law firm, consolidation presents a significant opportunity to expand its client base while reducing the cost of learning new clients’ businesses. In addition, large firms with a commodity and near commodity practice, the latter including environmental and labor practices, can offer their clients one of the most basic benefits of consolidation: reduced outside legal costs. While the large firm’s rates may exceed those of its indigenous neighbors, the client’s overall legal costs may be dramatically reduced if efficiencies in staffing, technology and other hard costs can be reduced for the law department. At the same time, the client gets bragging rights for using name brand law firms and reducing costs, the Holy Grail for anyone who hires outside counsel for their business.
Download the complete article to read more…