Corporate Counsel Preferences Favor Midsize Firms: Key Insights from Leopard Solutions’ Survey

Corporate Counsel Preferences Favor Midsize Firms: Key Insights from Leopard Solutions’ Survey

At SurePoint, we’re always tracking the latest trends impacting the legal industry, particularly how they apply to midsize law firms. The 2024 Corporate Counsel Survey from Leopard Solutions offers valuable insights into how in-house attorneys select outside counsel. What makes this survey especially relevant is its focus on the advantages midsize firms hold in today’s legal market.

Why Midsize Law Firms Are Positioned for Growth

The survey reveals that midsize firms are increasingly favored by corporate counsel for their ability to offer cost-effective and responsive services. Let’s explore key findings from the survey and discuss how midsize law firms can leverage these trends for strategic growth.

Key Takeaways from Leopard Solutions’ 2024 Corporate Counsel Survey

1. Cost-Effectiveness Over Firm Prestige
According to the survey, 98% of respondents rank value as their top priority when selecting outside counsel, with firm prestige taking a back seat. This presents a significant opportunity for midsize firms to highlight their ability to deliver high-quality services at a lower cost than large firms.

2. Responsiveness as a Top Selection Factor
Corporate counsel value responsiveness more than any other factor, and midsize firms are uniquely positioned to meet this demand. Their size often allows for more agile and client-focused service, a key differentiator in today’s market.

3. Leveraging Legal Technology for Efficiency
The use of legal technology continues to grow, and midsize firms can compete by integrating tech tools to improve efficiency. From AI-powered legal research to practice management software, technology is leveling the playing field for firms of all sizes.

4. The Rise of Alternative Fee Arrangements (AFAs)
As corporate clients increasingly seek cost certainty, alternative fee arrangements are becoming more popular. Midsize firms are well-suited to offer flexible fee structures like flat fees or blended fees, making them attractive to budget-conscious clients.

Visit Leopard Solutions’ Blog for Full Insights

We encourage you to read the full post on Leopard Solutions' 2024 Corporate Counsel Survey to explore more detailed findings.

How SurePoint Supports Midsize Law Firms

SurePoint is committed to helping midsize law firms meet the needs of their clients through our innovative practice management and financial intelligence solutions. If you’re interested in learning how our solutions can help your firm grow, schedule a demo today!