Kirkland & Ellis, the most successful law firm in the world, reports record sales. But according to data analysis, growth in the USA is about to end.
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Utilization and demand are stagnating, costs are rising: America's lawyers are in the middle of the biggest transformation process since the financial crisis. German law firm managers should also keep an eye on developments.
ISomething is brewing in the USA, the largest legal market in the world. If you believe the researchers at the renowned Georgetown University and the data from the Thomson Reuters Institute, the US law firm market is in the middle of the biggest transformation process of the past 15 years, i.e. since the end of the great financial crisis.
The market is changing dramatically, write the authors of the “State of the Legal Market” analysis, which is published annually in January, starting with the legal services that are particularly in demand and ending with the question of how the individual market segments deal with the challenges of cost pressure and the enforcement of higher fee demands .
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