6.16.2005

Raindance Report:
The State Of The Legal Services Industry

Monica Bay of Law Firm, Inc., an experienced reporter who has written for Law Technology News and American Lawyer Media, sees the legal services industry rapidly shifting from "the private club model to a real business model."

More sophisticated and demanding clients are also making dents in the hourly approach to billing in favor of commodity fixed price billing and other alternative arrangements. That means more need for creative ways to maintain profitability.

"As firms are discovering that their work product is essentially words, some have started selling subscriptions to on-line content and self-help services, so that they can generate revenue 24-7," says Bay.

Her biggest pet peeve as a reporter? "Firms need to be more press savvy if they want coverage. They need a home office, and a press room section on their websites with contact information for the public," she advises.

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