Anderson Kill & Olick - Competitors

Anderson Kill & Olick Competition

Now Viewing Anderson Kill & Olick's competition in: Legal Services (primary)

Recent Developments

Newer Law Firms Use Nontraditional Business Models - Law firms with new business models are attracting attorneys who want a different pace than traditional law groups offer. Usually these newer law firms pay attorneys only when they work, but do provide benefits between client assignments, according to the The Wall Street Journal. Law firms can charge less, as they reduce overhead by not paying full-time salaries or bonuses, renting offices for the lawyers who work at clients' sites or from home, or maintaining high-priced partners. Axion Global, Outside GC, and Phillips & Reiter are among the new breed of law firm.

Soft Economy Leads to Legal Industry Staff Reduction - A soft economy is affecting staff levels at law firms. US law firm employment fell 0.6 percent in May 2008 compared to a year earlier, and the industry's year-over-year workforce levels dropped during each of the first five months of the year. Patton Boggs, with nine offices nationwide, fired at least eight associates due to lack of work, according to the ABA Journal.

Law Firms' Overall Prices Rise Higher than for Consumers - Law firms are asking and receiving higher overall prices from clients, including businesses and consumers. US producer prices for legal services rose 5 percent in May 2008 from year-earlier levels. Corporate clients typically pay higher fees than do consumers, whose cost for legal services increased 4 percent in May year-over-year.

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.

Full Industry Overview For Legal Services

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 4.2 percent between 2007 and 2012.

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.