In the upcoming years, there will be a considerable shift in the gross revenue scale of law firms. Over the past two decades, the number of large law firms grossing over $1 billion was only two. However, it is projected that in the next five years, all existing Am Law 100 firms will either hit this mark or be surpassed and replaced by faster-growing firms, as revealed in a recent industry report.
That sparks the question, how can law firms ensure their survival and advancement in such an environment of aggressive expansion, dubbed the “Great Growth Race” by the authors at Fairfax Associates. Notably, a strong recommendation for law firms is to establish a clear strategy and avoid trying to cater to all areas of practice.
It seems several law firms are experiencing some hesitation about where to deepen their focus. The decisions ahead will be challenging, and while the path may not be easy, a committed approach seems inevitable for success. Firms need to double down more distinctly on their practice strengths, implies consultant Kristin Stark.