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The phenomenon known as “insourcing,” where companies are saving money by hiring bigger in-house legal teams to scale up with contract lawyers is becoming a trend, especially in the legal profession. For big law firms, this means nothing and will have minimal impact (if any), but to those who practice in a mid-sized firm, this trend is worrisome.
What can save your mid-sized firm from becoming extinct? According to an article via Forbes, these 3 things can help a mid-sized firm stay in business and grow in the market.
1. Specialize It’s hard to insource specialists. So specialize; find a niche expertise. When people come to you, they will be looking for something very specific.
2. Go lean and invest in technology Investing in technology will allow you to automate everyday tasks and cut down on the legal costs.
3. Alternative fee arrangements The billable hour will not have you survive long. Think about different way to offer alternative fee arrangements. WilmerHale has a list of different alternative fees here.
And, as the Forbes article says, “For mid-tier law firms, the answer won’t be found with your head in the sand or clinging to old ways—but rather finding ways to compete before the crisis worsens.”