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Legal fees in drastic decline: How will firms recover?

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Sophie Schroder | 02 Jul 2014, 09:39 a.m. Agree 0
Comprehensive research conducted over the past seven years has revealed that Australasian legal fees are falling year on year at a significant rate: One expert says if firms fail to act now, the consequences will be “dire”
  • Ashley Balls | 03 Jul 2014, 10:23 a.m. Agree 0
    At last, some support for the view I have been espousing since '07 - prices in real terms have been falling. It is a function of supply and demand and a concentration on pricing strategy is to seriously miss the point. When there is a surplus of lawyers (relative to the volume of instructions received) adjusting prices or attempting 'new/different' pricing strategies is the management equivalent of re-arranging the deck chairs on the Titanic. The future lies in raising productivity whether its from the application of IT to outsourcing; the opportunities are legion. But doing nothing is not an option.
  • Brent Wheeler | 03 Jul 2014, 11:15 a.m. Agree 0
    Very useful. The need to reassess business models has been clear for some time. An absence of even moderately modern governance practice ( a 30 plus Partners Committee does not remotely resemble a Board or useful governing mechanism for example) is an issue the legal profession could profitably address.
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