A major independent study of the global lawyer-to-lawyer referral market reveals that 26 percent of those surveyed claim more than 20 percent of their annual revenue is derived from referrals. However, 27 percent of respondents claim their firm doesn't track referrals. The study examines the dynamics and importance of referrals between law firms throughout the world:
- the proportion of annual turnover derived from referrals
- the most active geographic jurisdictions
- main types of work referred
- key attributes for firms that service referrals
- expected volume of referrals over the next 12 months
- strategic approaches to protect/increase levels of referrals
Commissioned by LexisNexis® Martindale-Hubbell® and conducted by independent strategic consultancy Fathom Consulting, the study “Lawyer-to-Lawyer Referrals: A Global Perspective” combines views of legal professionals from mid- and large size law firms in Western and Eastern Europe, Asia, Latin America and the US. Over 700 legal professionals participated in the anonymous survey during February and March 2010.
