LexisNexis Bellwether 2024: Lessons on law firm growth
There’s no magic formula for success. But there is a list of magic ingredients.
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.
In our latest Bellwether survey of leaders and associates at small law firms, we delve into the most trusted business generation tactics, we learn why so many firms are investing in new tech, and we 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 when growing their business, so that you can, too.
This annual Bellwether report looks at growth plans, investment strategies and employee-employer relations of small law firms and solo practitioners in the UK.
Our survey of 250+ lawyers from small firms across the UK found:
- Two-thirds of small law firms plan to grow organically in 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 to still be at their firm in five years’ time
