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The US legal profession is under pressure on many fronts. Many firms are seeing the quantity and quality of client opportunities dwindle. The relative scarcity of opportunities has created intense competition and constrained billable rates. Globalization has introduced new client requirements and ultra-low-cost competition. The convergence of these factors has created a general assault on profitability that squeezes law firms between rising costs, pricing pressures, aging receivables and client mandates to curtail legal expenses. While these trends are reshaping many aspects of the legal industry, substantial opportunities for revenue and growth are available in today's market. Many law firms are using these trends as a catalyst to drive improved productivity, enhanced client service and better profitability.
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