Despite achieving remarkable revenue growth in early 2024, law firms face significant challenges, notably client attrition and talent turnover, highlighting the necessity for strategic innovation.
A troubling statistic from BigHand's report indicates 96% of firms lost clients last year, driven by shifting client expectations on cost and diversity, equity, and inclusion.
With 33% of law firms losing clients over DEI requirements, only 19% prioritize DEI in staffing, revealing a glaring gap between client demands and firm responses.
Law firms must adapt quickly to evolving client needs, focusing on technology and internal talent management to mitigate pressures of high turnover and escalating attrition.
Collection
[
|
...
]