Akin Gump Competition
Now Viewing Akin Gump's competition in: Legal Services (primary)
Recent Developments
Rule Changes Create New Specialty - Rules requiring law firms to preserve electronic information have resulted in a new area of specialization for lawyers. The Federal Rules of Civil Procedure, updated in late 2006, place greater responsibility on lawyers to preserve electronic information. Law firms are hiring fulltime e-discovery counsel who blend a lawyer's background with an understanding of technology and knowledge of federal rules.
Strong Demand for Lawyers in Alternative Energy Industry - Lawyers with a mix of energy business and company startup skills are in demand at young alternative energy firms, according to The Recorder. Counsel is needed by alternative energy companies that are signing contracts to complete large scale energy products or are contemplating IPOs. Many lawyers will be drawn to the alternative energy industry because of potential benefit to the community.
Some Firms Cut Staff as Economy Weakens - US economic weakness is leading to staff cuts at some law firms. New York-based law firm Cadwalader, Wickersham & Taft, which was heavily focused on structured finance, let go nearly one-fifth of its lawyers in the 10 months ending July 2008, according to The National Law Journal. Law firms that have diversified the services they offer are less likely to cut staff.
Competitive Landscape
Demand depends on the volume of commercial and civil legal transactions and court and criminal cases. The profitability of individual firms depends on the partners' reputation and ability, and effective case management. Large firms have advantages in serving corporate customers with a wide range of needs. Small firms can compete successfully providing specialized expertise or superior outcomes and operating in a local market. The industry is labor-intensive, but employee contribution is high: average annual revenue per worker is about $165,000.
Legal Services Industry Forecast
from Hoover's/D&B subsidiary First Research
The output of US legal services is forecast to grow at an annual compounded rate of 5 percent between 2008 and 2013.
Legal Services Growth Steadies
First Research forecasts are based on INFORUM forecasts that are licensed from the Interindustry Economic Research Fund, Inc. (IERF) in College Park, MD. INFORUM's "interindustry-macro" approach to modeling the economy captures the links between industries and the aggregate economy.
First Research Opportunity Rating
The First Research Opportunity Rating is First Research's estimate of industry performance vs. industry risk over the next 12 to 24 months.
- Demand: Tied to volume of business transactions
- Need efficient use of expensive labor
- Risk: Slow economy cuts business volume
Industries Where Akin Gump Competes
- Business Services
- Legal Services (primary)
