Bellwether 2024: Lessons in law firm growth
Two-thirds of small law firms plan to increase their revenue organically in the next five years — and technology is at the forefront of their plans. The latest LexisNexis Bellwether survey of leaders and associates at small law firms delves into their most trusted business-generation tactics. We learn why so many firms are investing in new tech, and highlight the pros and cons of working at a smaller practice.
No, this isn’t a list of all the things your firm is doing wrong. It’s a list of lessons small law firms have learnt while growing their business, so that you can too.
The annual Bellwether report from LexisNexis looks at these firms’ growth plans, investment strategies and the employee-employer relations of small law firms and sole practitioners in the UK.
The survey of 250+ lawyers from small firms across the UK found:
- Two-thirds of small law firms plan to grow organically over the next five years
- The biggest area of investment for small firms is technology
- Interest in growth via mergers and acquisitions has dropped
- 62% of lawyers plan still to be at their current firm in five years’ time.
Download and read the full report here.
