Impact of Economic Downturn on the Legal Industry and Offshoring
Published August 2009
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The impact of the downturn on the global legal industry has been significant. The year 2008 was disappointing for the legal industry (especially for the law firms). Overall spend on outside counsel that had been experiencing a double digit growth for the last five years, witnessed a drop in growth this year (2008-09).
Drop in legal spend, shrinking budgets and corporates moving their work in-house has impacted law firms adversely. Corporates looking to reduce expenditure are making attorney fees a soft target for cost reduction. There is immense pressure on the law firms.
This paper examines how the global legal industry will fare in this economically challenging environment and how will their difficulties impact offshoring. The report is designed to help:
Law Firms, Corporations, Lawyers looking to outsource/offshore
Outsourcing consultants
Offshored legal service providers to understand the buyer concerns
Researchers looking for information on legal services outsourcing
1. Introduction 2. Impact of recent global turmoil on the legal industry 2.1 Corporates tighten their legal budgets 2.2 Challenging times for law firms 3. Trends 3.1 Convergence 3.2 Alternative billing arrangements 4. Impact on offshoring 4.1 Strategies for offshore service providers 5. Way forward… 6. Research methodology 6.1 Data collection 6.2 Data analysis 7. About ValueNotes 7.1 Research publications 7.2 Recent custom projects
Table of Exhibits
Exhibit 1: Revenues of law firms Exhibit 2: Law firm woes Exhibit 3: Challenges arising out of cost pressures Exhibit 4: Key competitive strategies for the future
