Winning market share in legal services
Gaining market share in the legal services sector still depends heavily on trust, giving incumbent players a huge advantage. But recent research we’ve carried out suggests that ESG-related work could change that.
The global legal services sector is worth just over $90bn, we estimate. Having seen strong growth in the aftermath of the pandemic, its biggest issue in the last two years has been the acquisition and retention of talent. The salary inflation that occurred as a result is now combining with other rising costs and pressure on fee rates to create significant operational challenges right across the industry.
What legal services can rely on, though, is clients. Research we’ve carried out with buyers of legal services in the US and UK suggests that 74% of clients say that trust is one of two most important factors when identifying possible firms to work with, and 65% say that trust is similarly important when it comes to the final decision of which firm to hire (see figure 1.)