Broadfield is thinking differently about the mid-market model, arguing firms can’t rely on ever-higher hourly rates and must instead focus on efficiency and value.
The top 100 firm is betting on technology and international expansion to deliver global capability at mid-market pricing as client pressure on fees intensifies.
Broadfield’s pitch to the market could be summed up as follows: mid-market law firms don’t need to chase ever-higher hourly rates to stay competitive, but they do need to think very differently about how they operate.
Speaking on The Non-Billable Podcast, managing partner John Hutchinson sets out how the top 100 firm - formerly BDB Pitmans - is trying to do just that. The 2024 rebrand marked a new strategic direction for the firm. It was, he says, a response to “the need for technology investment and for the ability to differentiate and offer more sophisticated services”.
The Alvarez & Marsal connection
A big part of that is its partnership with SHP, a subsidiary of consulting giant Alvarez & Marsal, which supports firms on technology, talent and strategy. Its leadership team includes Peter Sacripanti, former chair of McDermott, and Chris Price, former managing partner of EY’s financial services law group in the UK.
Broadfield remains independent, but Hutchinson says the relationship goes beyond back-office support. “It’s a technology offering that isn’t generally available, along with a wealth of experience in developing and growing businesses internationally that we can access.”
That is already feeding into how the firm is set up. Broadfield has rolled out tools including Harvey as part of a broader push to build what Hutchinson describes as “an infrastructure platform” running from client intake through to billing and retention.
The new approach is also about economics. Hutchinson is open about the pressures facing mid-market firms, from rising costs to client pushback on fees. “Just chasing up chargeable hours is a limited tactic,” he says. Clients are increasingly focused on value, not rates - and firms have to respond.
A differentiated offering
Tools like Harvey are already reducing time spent on review-heavy areas like due diligence, with Hutchinson acknowledging that AI is forcing a rethink on pricing models across the industry.
Broadfield’s answer is to double down on international growth while maintaining a mid-market pricing position. The firm has already expanded into New York and Hong Kong, with Europe and the Middle East next on the list.
For Hutchinson, the aim is to offer global capability without moving up the pricing ladder. “It’s about making sure that the clients have this global service at sensible pricing levels.”
Listen to the full conversation with John Hutchinson on The Non-Billable Podcast.
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