Atlanta, GA (PRWEB) December 24, 2013
Aderant, the world’s largest independent legal software company, today released a research based opinion paper predicting growth in the legal industry’s “Big Law” segment. Recent years have been quite challenging for Big Law with well documented declines in demand, revenue, and employment at the nation’s large law firms. As a result, countless authors have predicted the demise of the large law firm.
However, Aderant’s research presented in “In Defense of Big Law’s Future” places recent negative trends in context to other industries and in context to changes currently happening within large law firms. This broader analysis reveals that the Big Law segment stands poised for long term stability and growth.
Since 2003, the financial performance for the AmLaw 200 outpaced most industries with total revenue up 84% and net operating income up 98% (Fifth Annual AmLaw 200 Trends Analysis, July 1, 2013). Today, Big Law firms are increasingly focused on implementing business best practices and new case management systems to enhance productivity and profitability.
Chris Giglio, chief executive officer for Aderant, comments, “These dire predictions of Big Law’s demise simply do not coincide with what we see every day. Aderant works with 77% of the AmLaw 200 and we see our clients increasingly adopting business best practices, and new case management technology to generate higher growth and profitability.”
Aderant’s research based opinion paper, “In Defense of Big Law’s Future” compiles recent research from a dozen (12) different industry and academic sources combined with expert opinion from key Aderant employees. The paper analyzes the “Big Law” segment in comparison to other industries that have suffered dramatic change and financial distress. While many industry sources predict a similar downturn for Big Law, Aderant points out several key differences. First, the services Big Law provides, knowledge and expertise, are not fungible. Second, new technology created downward financial pressure for other industries, but, in the legal industry, new case and practice management technology actually creates financial opportunity for Big Law firms. Third, no single Big Law firm possesses more than 1% market share. As a result, tremendous opportunity exists for consolidation and strengthening of Big Law firms.
“In Defense of Big Law’s Future” can be downloaded at http://www.aderant.com/biglaw.