16 May 2022
More than 80% of small and medium law firms reported financial performance at or better than expectations. But the post-COVID boom is receding, and the ‘great resignation’ has led to renewed pressure. Ambitious firms are turning to legal tech to help them thrive.
Today, LexisNexis Legal & Professional released the 10th Anniversary edition of the Bellwether, titled “Transformation troubles ”. Building on a decade of sharing insights on the independent legal market, this report suggests that the post-lockdown boom has continued into 2022. 91% of the market voiced confidence in the future of their firm and 33% noted they had outperformed revenue expectations – maintaining the highs of 2021
Rakhee Patel, Senior Marketing Manager and the report’s author, commented “It is wonderful to see that the industry has found its feet again after such a challenging period. But with continued challenges with recruitment and business generation, firms must be open to embracing new technologies so that they can survive, grow and thrive.”
Read a copy of the report in the Analysis section in our Knowledge Bank.
