A recent study of the global lawyer-to-lawyer referral market reveals that 26% of those surveyed claim more than 20% of their annual revenue is derived from referrals. However, 27% of respondents claim their firm doesn’t track referrals.
The study, ‘Lawyer-to-Lawyer Referrals: A Global Perspective’ commissioned by LexisNexis Martindale-Hubbell and conducted by independent strategic consultancy Fathom Consulting, examines a number of issues that affect the referral market, 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.
Building on themes identified in initial qualitative research, 734 legal professionals from mid- and large size law firms in Western and Eastern Europe, Asia, Latin America and the US participated in the survey during February and March 2010. The full report will be available in the ‘Lex Mundi Connected’ group in early July.
This free Martindale-Hubbell Connected event, co-hosted with Alliance Partner Lex Mundi, the world’s leading association of independent law firms, explores the results of the recent LexisNexis Martindale-Hubbell global survey.
This webinar will share key insights from the global survey and examine the dynamics and importance of referrals between law firms throughout the world specifically:
• How referrals are tracked and the importance of existing relationships
• The effect of membership in legal associations on a firm’s referral strategy
• What Marketing/Business Development activities will have the most impact on a firm’s referral work in the future.
Panelists will include Lex Mundi member firm lawyers Janet Looi (Malaysia), Daniel Del Rio (Mexico) and Michael Molitoris (Germany). The webinar will be moderated by Derek Benton, Operations Director, Martindale-Hubbell International.