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The study found that employers stressed the importance of understanding cybersecurity; electronic discovery; privacy; and risk and compliance. Flat-fee subscription pricing for commodity tasks was the area which 46% of respondents saw as the top area for growth at their firm, with only 30% identifying e-discovery services; 30% consulting; and 26% other areas.
Cybersecurity was the top field in which firms believed they could increase their revenue by developing capabilities superior to other firms.
75% of the respondents had separate e-discovery and cybersecurity practice groups. Interestingly, 41% of firms thought that they could bill first and second year associates as specialists.
Many law firms sought to empower their paralegals in various technical fields, especially e-discovery and project management.