LSAG Legal Briefs - Vol 2

Bright Insight Snapshot

SHERRY CUSHMAN, EXECUTIVE MANAGING DIRECTOR & LEGAL SECTOR ADVISORY GROUP LEADER (CUSHMAN & WAKEFIELD) ‌O n behalf of Cushman & Wakefield’s Legal Sector Advisory Group, we are RESPONDENTS RANKING:

delighted to share with you some of the highlights of our proprietary 2019 National Legal Sector Benchmark Survey – Bright Insight. This year concludes six years of intellectual capital gathering. Since our survey’s inception, we have seen many trend shifts and new issues gaining prominence that are directly impacting the legal sector, its business drivers, and law firm decision making. Nearly 1,400 law firm decision

27% AM Law 100

15% AM Law 200

4%

Global 100

54% Other

makers and associates participated in this year’s survey – our greatest response rate to date. Legal sector change is occurring at lightning speed. Change that used to happen over a decade now transpires in two to three years, and staying ahead of this rapid rate of change is challenging for law firms of all shapes and sizes. Despite the challenges, 2018 marked another positive year for the U.S. legal sector. Gross revenue grew by $7 billion to more than $325 billion by year-end 2018. One-hundred-and-six law firm mergers including 14 global mergers occurred in 2018 with no sign of slowing in 2019. In this year’s survey results, attorney recruiting and retention was named the number one most challenging issue. Following closely behind were competitive fee structures at number two and IT security at number three. The results also provide insight on key areas related to law firm succession planning, the younger generation of attorneys and their hot buttons, technology integration and expansion, and the overall operational/workplace benchmarks and anticipated changes in the next decade.

14 | Legal Sector Advisory Group | ADVISING FOR EXCELLENCE