Work received from other law practices has always been a key component of many firms' revenues. Indeed, in the current economic climate, revenue derived from referral income had assumed a particular importance for many law firms. Referral income may provide such firms with welcome support, at a time when other income sources remain relatively static.
A new study commissioned by LexisNexis® Martindale-Hubbell® in partnership with the Canadian Bar Association examines trends in referring work between Canadian law firms, both in domestic and international markets.
The study “Lawyer to Lawyer Referrals: A Canadian Perspective” examines:
- The importance of referral work to firms' overall revenues.
- The type of work most frequently referred.
- The flow of inbound and outbound referral work.
- How law firms maintain their referral relationships.
- Future prospects for law firm referrals amongst Canadian law firms.
The findings are based on responses to an online questionnaire during February –March 2012, from 70 Canadian law firms.