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Clients turn screws on value

Clients turn screws on value

Clients want more than reduced rates from their law firms in the global economic downturn.

CLIENTS want more than reduced rates from their law firms in the global economic downturn. 

Evidence suggests companies are looking to their lawyers for assistance in cutting other costs and increasing revenue. 

Legal blogger Larry Bodine, who advises firms on generating revenue, says clients will be exploring corporate growth opportunities to transform themselves. 

“Legal, financial, and strategy experts will invariably be required for those companies pursuing mergers, corporate combinations, and other deal-based growth opportunities,” Bodine writes. 

Bodine now recommends firms proximity to clients, understanding of relevant trends and a relationship of trust in order to assist clients in the global downturn. Increasing revenue growth is the most important goal for clients hiring professional services firms this year, Bodine says, citing a new report by Clemente communications, a US company. 

Nearly 55 per cent of respondents indicated this as an imperative. Decreasing operating expenses was listed as the principle reason to hire external firms for 37 per cent of respondents in the survey. 

“These are turbulent times for corporate clients, which are struggling with management changes, workforce voids caused by layoffs, worries about cost-reduction initiatives and keeping pace with competitors,” he said. 

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