March 14 (Bloomberg Law) -- Despite the challenges facing law firms, professional services consultant John Grimley is optimistic on the prospects for law firm growth. "I'm bullish about the law because law firms in the future are going to adopt sophisticated business development systems," he tells Bloomberg Law's Lee Pacchia
Grimley reasons that American law firms are in a unique position because the fastest growing global economies want access to American markets. In order to obtain new work, firms will need to significantly increase their marketing and business development staffs. "They need sophisticated divisions devoted to generating revenue," he says.
Grimley disagrees with law firm consultant Bruce MacEwen, who said in a February 28 interview with Bloomberg Law that law firm growth is a thing of the past and that large firms are now finding themselves "in a battle for market share."