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.
Table of Contents
1. Introduction
2. Conceptual model and hypothesis development
2.1 Services marketing and professional services
2.2 Legal services and credence attributes
2.3 Future buying intentions
2.4 Perceived value of services
2.5 Commitment
3. Research methodology
4. Analysis and results
4.1 Assessment of the measurement model
4.2 Assessment of the structural model
4.3 Competing model
5. Discussion
5.1 Perceived value of services -> Future buying intentions
5.2 Affective commitment -> Future buying intentions
5.3 Calculative commitment -> Future buying intentions
5.4 Calculative commitment -> affective commitment – model II/model III
6. Theoretical contributions
7. Managerial contributions
8. Research limitations
Research Objectives & Key Topics
This study aims to identify and analyze the factors that influence the future buying intentions of large corporations regarding complex transactional legal services in Germany. By integrating marketing concepts such as perceived value, affective commitment, and calculative commitment, the research investigates how these variables interact to shape long-term professional service relationships.
- Empirical identification of factors influencing the purchase of complex transactional legal services.
- Evaluation of the impact of perceived value on future buying intentions.
- Analysis of the mediating role of affective and calculative commitment.
- Assessment of the shift in purchasing behavior within large German law firms and corporations.
- Managerial recommendations for strategic decision-making in professional service firms.
Extract from the Book
Introduction
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.
Summary of Chapters
Introduction: Provides the motivation for the study, addressing the pressures on large law firms and defining the focus on complex transactional legal work in Germany.
Conceptual model and hypothesis development: Reviews academic disciplines to establish a framework and formulates hypotheses regarding the relationship between perceived value, commitment, and future buying intentions.
Research methodology: Outlines the two-stage research approach, involving semi-structured expert interviews and a quantitative questionnaire analyzed via partial least squares (PLS).
Analysis and results: Details the statistical assessment of measurement and structural models, confirming the validity of the constructs and presenting findings on the hypothesized pathways.
Discussion: Interprets the findings, noting the indirect effect of perceived value on buying intentions through affective commitment and addressing the lack of direct impact of calculative commitment.
Theoretical contributions: Discusses the advancement of theory in professional services, highlighting the confirmation of perceived value as a multi-dimensional formative construct.
Managerial contributions: Offers practical guidance for law firms, emphasizing the role of emotional attachment and the need for improved communication strategies.
Research limitations: Acknowledges the sample size constraints and suggests potential areas for future research to enhance generalizability.
Keywords
Professional services, Future buying intentions, Services marketing, Legal services, Perceived value, Affective commitment, Calculative commitment, Credence attributes, Transactional legal work, B2B marketing, Structural equation modeling, Law firm management.
Frequently Asked Questions
What is the core focus of this research?
The study focuses on understanding the factors that influence why large corporations in Germany choose to continue purchasing complex transactional legal services from large law firms.
What are the primary theoretical constructs used?
The research integrates three key marketing concepts: perceived value of services, affective commitment, and calculative commitment.
What is the central research question?
The primary aim is to empirically determine which factors—specifically perceived value and different types of commitment—drive future buying intentions for complex transactional legal services.
What scientific methodology was applied?
The study uses a mixed-methods approach: an exploratory stage with semi-structured interviews and an explanatory stage utilizing Partial Least Squares (PLS) structural equation modeling based on 125 survey responses.
What does the main body of the work cover?
It covers literature reviews on professional services, the development of a conceptual research model, detailed analysis of measurement and structural models, and a discussion of results compared to alternative models.
Which keywords best characterize this work?
The work is characterized by terms such as Professional Services, Future Buying Intentions, Legal Services, Perceived Value, and Affective Commitment.
How does perceived value impact buying intentions according to this study?
The findings reveal that perceived value does not have a significant direct impact; instead, it influences future buying intentions indirectly through affective commitment.
Why is affective commitment found to be more important than calculative commitment?
The study suggests that in a competitive market with many options, traditional switching costs (calculative commitment) are less relevant, whereas emotional attachment and identification with a firm (affective commitment) become the primary drivers for repurchase.
- Quote paper
- Dr. Katja Friedrich (Author), 2016, Future buying intentions for complex transactional legal services, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/384526
