The future of large law firms is a topic that has intrigued scholars and practitioners alike particularly over the last decade due to a changing economic and global competitive landscape, technological advancements and changing client demands. While numerous articles have outlined trends and uncertainties likely to impact large law firms in the future, opinions remain split on the changes likely to occur over the next 10 years.
Common consensus exists on the notion that large law firms are increasingly under pressure to change, change to be more efficient, change to better manage knowledge, change to be more innovative and change to better demonstrate service value. It appears that organizations have become more discerning in purchasing legal services and the choice of legal providers.
This study is novel in the professional services domain as it empirically identifies and investigates factors that influence future buying intentions for complex transactional legal services at large law firms in the German context. Transactional legal work refers to business transactions that take place predominately outside of court and involves the drafting of contracts and compliance with law across various practice areas.
This study seeks to develop a conceptual model based on primary research gathered through semi-structured interviews and by means of a questionnaire to offer managerial recommendations in strategic decision-making and to extend the body of literature for an important but neglected area, i.e. professional services.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Conceptual model and hypothesis development
- Services marketing and professional services
- Legal services and credence attributes
- Future buying intentions
- Perceived value of services
- Commitment
- Research methodology
- Analysis and results
- Assessment of the measurement model
- Assessment of the structural model
- Competing model
- Discussion
- Perceived value of services -> Future buying intentions
- Affective commitment -> Future buying intentions
- Calculative commitment -> Future buying intentions
- Calculative commitment -> affective commitment - model II/model III
- Theoretical contributions
- Managerial contributions
- Research limitations
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This study investigates factors influencing future buying intentions for complex transactional legal work at large law firms in Germany. It combines three marketing concepts: perceived value of services, affective commitment, and calculative commitment. The study aims to understand how these concepts relate to each other and impact future buying intentions. This research seeks to develop a conceptual model and offer managerial recommendations based on primary data gathered through interviews and a questionnaire.
- The impact of perceived value of services on future buying intentions for complex transactional legal work.
- The role of affective commitment as a mediating factor between perceived value and future buying intentions.
- The influence of calculative commitment on future buying intentions and its potential relationship with affective commitment.
- The unique characteristics of professional services and the challenges of assessing credence attributes in the legal context.
- The application of services marketing concepts to the legal industry, particularly in the area of complex transactional legal work.
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter sets the stage for the study by discussing the evolving landscape of large law firms and the increasing pressure they face to adapt to changing client demands. It highlights the novelty of the study in empirically investigating factors influencing future buying intentions for complex transactional legal work in the German context.
- Conceptual model and hypothesis development: This chapter delves into the theoretical framework of the study. It reviews relevant literature across disciplines such as economics, legal studies, marketing, and sociology, identifying key concepts related to buying intentions for transactional legal services. The chapter focuses on the unique characteristics of professional services and introduces the concepts of perceived value of services and commitment as key drivers of future buying intentions.
- Services marketing and professional services: This chapter examines the distinction between goods and services, emphasizing the unique challenges of marketing professional services. The chapter highlights the importance of understanding credence attributes, which are difficult to assess even after consumption, in the context of legal services.
- Legal services and credence attributes: This chapter focuses on the specific characteristics of legal services, particularly complex transactional legal work, which is classified as a credence good. It explores the challenges of determining the value of legal services and the importance of trust and relationships in the client-lawyer dynamic.
- Future buying intentions: This chapter defines future buying intentions in the context of the study, emphasizing the repeat purchasing of complex transactional legal work. It reviews existing literature on antecedents of future buying intentions, highlighting the importance of service quality, satisfaction, and perceived value.
- Perceived value of services: This chapter delves into the concept of perceived value of services, exploring its multidimensional nature and its potential impact on future buying intentions. It examines the dimensions of perceived value and their relevance to the legal services context.
- Commitment: This chapter focuses on the concept of commitment, differentiating between affective commitment (emotional attachment) and calculative commitment (rational assessment of benefits and costs). It explores the potential role of commitment in shaping future buying intentions for complex transactional legal work.
- Research methodology: This chapter outlines the research methodology employed in the study, including the data collection methods (semi-structured interviews and a questionnaire) and the statistical analysis approach (partial least squares). It provides details about the sample used and the data collection process.
- Analysis and results: This chapter presents the findings of the study, examining the relationships between the constructs under investigation. It includes an assessment of the measurement model, the structural model, and competing models to test the proposed hypotheses. The chapter focuses on the key insights derived from the data analysis.
Schlüsselwörter (Keywords)
This study focuses on key concepts such as professional services, future buying intentions, perceived value of services, affective commitment, and calculative commitment. It examines these concepts within the context of complex transactional legal work at large law firms in Germany. The research highlights the importance of understanding credence attributes and the challenges of assessing the value of professional services in the legal industry.
- Quote paper
- Dr. Katja Friedrich (Author), 2016, Future buying intentions for complex transactional legal services, Munich, GRIN Verlag, https://www.grin.com/document/384526
