Redefining Value: What Today’s Legal Buyers Want

Jennifer Simpson Carr: We are coming to you today to discuss some insightful information that we learned at Legalweek. We want to start by acknowledging that things might feel heavy today. We recognize the markets down. We recognize that there were series of peaceful protests across the country this weekend. And, we see general counsel saying online and we hear them telling us that it is not business as usual.
So we want to start by acknowledging that. We also value the feedback that you share with us as our listeners. After last week we received several inquiries from our listeners – and  thank you to those who submitted feedback and questions – about taking a deeper dive into Legalweek. Today, you will hear us talk about some of the key themes that came out of a really great session on the future of our industry from a buyer’s perspective, from a technology perspective, and a client perspective. Where we can, we will weave in themes that tie into today’s…

Gina Rubel: …changing industry. We acknowledge that it’s heavy times. We’re not sure where certain things are going, but we are going to try to relate each of the themes to what’s going on in the marketplace.

Episode Summary

1. Millennial buyers now prioritize trust and transparency over price.

How are law firms redefining “value” to meet the expectations of this new generation of legal decision-makers?

For millennial buyers, it’s not just about being the most affordable or having the biggest name. They want to work with firms that understand their business, communicate clearly, and deliver on outcomes. Value today means being transparent about what you’re doing, how you’re doing it, and why it matters. That includes things like providing real-time updates, data dashboards, and aligning on goals upfront. It’s about building trust through insight, not just output.

2. We’ve heard that data is no longer optional—it’s expected.

Can you share how law firms are using data to demonstrate value, build trust, or even guide strategic conversations with in-house teams or boards?

Whether it’s tracking matter progress, identifying who’s doing the work, or measuring efficiency, clients want visibility. For example, some clients use billing data to assess whether their teams are getting equitable access to career-advancing work, while others use benchmarking data to validate their operating models with their boards. The key is not just having data, but interpreting it in a way that supports decision-making. That’s how you turn data into trust.

3. There’s a growing call for predictive, transparent pricing instead of traditional billable-hour models.

What’s working—and what’s still challenging—when it comes to implementing more client-aligned pricing strategies?

What’s working is alignment. When we collaborate with clients early—scope the work carefully, talk about contingencies, and draw on historical data—we can build pricing models that are fair and realistic. The challenge is cultural. Some lawyers still default to “it depends” instead of bringing in pricing professionals or legal ops experts who can model out scenarios. But the clients are getting more sophisticated, and they expect that same sophistication from their outside counsel.

Benchmarking in Regulated Industries Is on the Rise: The Harbor Law Department Survey (in collaboration with CLOC), now in its 21st year, has seen an increase in requests for smaller, in-depth benchmarking surveys in heavily regulated industries such as pharma, healthcare, and oil and gas. Small groups within these industries are collaborating to co-sponsor customized benchmarking surveys to justify investment to boards.

4. The legal profession is expanding beyond just lawyers.

How are forward-thinking firms building multidisciplinary teams to deliver strategy and value to clients?

The most innovative firms are embracing roles like legal project managers, client success leads, pricing strategists, and technologists. These aren’t just support functions—they’re integral to delivering a modern client experience. Clients care about outcomes, not who has the JD. So, firms are rethinking team composition to be more like business teams: diverse, cross-functional, and driven by collaboration. That’s where the profession is headed.

5. Talent retention remains one of the biggest challenges for firms, especially with mid-level associate attrition.

What practical steps can firms take to address what some call the “million-dollar problem” of associate turnover?

The first step is awareness. It is called the million-dollar problem because when a third-year associate leaves an Am Law 200 firm, they are not just losing a person—they are losing training, client continuity, and a future leader. Firms need to get intentional about how they allocate work. Stop hallway staffing and start using data to ensure high-potential talent gets meaningful assignments. Invest in coaching, feedback, and early exposure to clients. If you can show someone a path forward, they’re much more likely to stay.

Jennifer Simpson Carr: Thank you for this great conversation and thank you to our listeners. Again, we truly value and appreciate your feedback. If you have topic ideas. If you have questions, please e-mail us at podcast@onrecordpr.com. If you have enjoyed this episode and you enjoy our show, please consider leaving a review on view on iTunes. It does help when people are searching for our content.
We look forward to seeing you next week.

Gina Rubel: Thanks, Jenn. Bye, everyone.