Small firms big clients

Article Abstract:

Corporations are sending an increasing amount of their legal work to sole practitioners and small law firms. This trend is attributable to the small firms' aggressive client development, leveraged previous legal experience and contacts and exploitation of legal specialties and capped fees. Tactics small firms can try include looking for developing patterns of legal needs in various geographic sectors, using the same state-of-the-art technology as large firms and willingness to share the financial risk of initial representation.

Sole practitioners, Sole practitioners (Lawyers)

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Specialists at risk: impact of certification on malpractice insurance is uncertain

Article Abstract:

The increasing recognition of lawyers as specialists in particular areas of the law has led to regulatory problems and concern about higher insurance rates. Most states have either set in motion their own plans to recognize specialists, or delegated that authority to some other body. Specialists in some areas will certainly face higher insurance rates, though those in others could actually see rates go down. General-practice lawyers may have to meet the standard of specialists when practicing some types of law.

Direct Property and Casualty Insurance Carriers, Surety insurance, Malpractice Insurance, Standards

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Competition from outside the profession: law firms losing business to accountants, bankers, actuaries, consultants

Article Abstract:

Lawyers are losing some of their non-litigation turf to consultants, bankers, actuaries and accountants that offer a broader spectrum of services and more competitive prices. The ill-defined consulting area has become the prime growth area for the Big Six accounting firms among others, often at the expense of law firms that cannot recruit top non-legal talent because they cannot offer eventual partnership to non-lawyers. Law firms might consider offering clients lower-priced consulting with legal counseling.

Legal Services, Corporate counsel, Market share, Legal consultants

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