Overview

Work received from other law firms has always been a key component of overall revenue. Furthermore, a number of recent studies have suggested that the volume and value of referred work has increased in recent years. In the current economic climate the revenue derived from referrals has assumed even greater importance. The increase in revenue from the referral channel provides many firms with welcome support at a time when work in a number of areas has dropped off. Given the above it should come as no surprise that securing referral work has become increasingly important for many firms as well as becoming more challenging to secure in what is undoubtedly an extremely competitive market place. There is, however, a dearth of detailed information concerning how the lawyer to lawyer market operates, specifically regarding key factors that play a part in determining to whom work is referred. As such, this report seeks to provide a comprehensive understanding of the global lawyer to lawyer referral market thereby helping organisations to improve their understanding, make better investment decisions and improve their effectiveness at influencing the referral decision. The report focuses on five distinct regions; Asia, Latin America, Western Europe, Eastern Europe and the United States. As well as providing a comprehensive understanding of the global lawyer to lawyer referral market, the report was also commissioned to explore potential differences between regions. Specifically, the report concentrates on the following key areas: • Understanding the size of the referral market • Identifying the type of work most frequently referred • Exploring the flow of referrals (from where and to whom considerations) • Examining what influences the selection of a referral firm • Building awareness of relevant trends in relation to referrals The report does not consider referrals between lawyers within the same firm. It does, however, provide considerable insight into referrals between organisations and seeks to highlight significant differences in approach and expectations between the aforementioned regions. It is hoped that the report will enable firms to sharpen their understanding of the global referral market, the important variations between the regions and will help firms not only to benchmark their own evaluations and operational approaches against their peers but also will ensure that they are more successful in protecting and developing this vital revenue stream. Click 'View Briefing' to read the full report.