Is your law firm part of the 44% that satisfies your clients, or the 56% that does not? The numbers come from a 2005 survey of Fortune 1000 corporate counsel conducted by the BTI Consulting Group. 44% is a higher satisfaction rate than BTI found in previous annual surveys, but clearly there’s plenty of room for improvement.
The dissatisfaction goes beyond minor irritants, it is associated with changes in revenue. Within the last two years, 52% of Fortune 1000 firms fired one of their major law firms.
But while some law firms were going down, others were going up. One major theme in the current marketplace is convergence: Fortune 1000 companies are using fewer firms to meet more of their needs. 76% now rely on a single primary law firm, up 30 points in the last 4 years (46% in 2001).
I found these figures and others in the free executive summary of “The Strategic Review and Outlook for the Legal Services Industry 2005,” which I downloaded from the publications section of BTI’s web page. If I decide to dig deeper, including “client hot spots” to “find out which industries and practice areas are the best targets – and which are not,” I’ll pay $1,800 for the complete report
(In the interests of full disclosure, I’ve never met a single person at BTI. I just thought their survey was interesting.)