The results of Martindale-Hubbell’s global study on lawyer to lawyer referrals has found that referrals among law firms represent a significant percentage of annual revenues, yet the majority of firms polled have only basic tracking procedures, if any at all. More than a quarter 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 complete study examined a range of issues including:
- The proportion of annual turnover derived from referrals
- Referrals between regions
- Main types of work referred
- Key attributes for firms that service referrals
- Expected change in volume of referrals over the next 12 months
- Strategic approaches to protect/increase the levels of referrals received
Over 700 legal professionals from mid- and large size law firms in Western and Eastern Europe, Asia, Latin America and the United States participated in the survey. With many law firms continuing to feel the affect of the global recession, this is a key topic that is engaging legal practices throughout the world.
To download your free copy of the summary or full research report: “Lawyer to Lawyer Referrals: A Global Perspective” visit: www.martindale-hubbell.co.uk/referrals.