One mystery within in the legal profession has been trying to determine how many eDiscovery Practice Groups currently exist within US law firms, and estimates varied widely. According to a recent survey conducted by The Cowen Group (http://www.cowengroup.com), Current State/Future State: eDiscovery Practice Groups at AmLaw 200 Firms, 87 of the AmLaw 200 Law Firms now claim to have an eDiscovery Practice Group.
"These findings are significant for corporations who require law firms with legitimate eDiscovery experience," said David Cowen, Founder of The Cowen Group. "Many firms realized that they needed to establish an eDiscovery Practice Group to market themselves to savvy clients, but far fewer made the necessary investments in people, process, and technology to develop a group with true eDiscovery expertise."
The survey examined current trends among the AmLaw200 toward developing cohesive eDiscovery Practice Groups. Market research indicates that most large firms are moving away from utilizing a single eDiscovery Counsel to tackle EDD issues, and it is now known that 87 of the AmLaw200 have established integrated eDiscovery Practice Groups to replace these individuals. However, there is a significant disparity in the relative sophistication of these groups, so the next step for The Cowen Group will be to establish a set of criteria to determine which firms have the leading eDiscovery Practice Groups.
"By targeting Managing Attorneys, Litigation Partners, and eDiscovery Attorneys, The Cowen Group's market research has already revealed the size, composition, and structure of these evolving Practice Groups," Cowen said. "We plan to further examine the motivations behind their establishment and their value to the firm and its clients. This is an important step in the effort to create transparency regarding the practices of America's top firms."
The results of the survey provide law firm management and leadership with the critical business intelligence necessary to define strategic objectives and advocate for the budget, resources, and authority necessary to achieve success and compete in this evolving marketplace. Additionally, this information provides corporate America with the intelligence they need to be sophisticated and savvy consumers of eDiscovery services.
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Source: Trading Markets
By: The Cowen Group