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We will begin this inquiry into innovating to "future-proof" our
practices, not with the question of how to innovate, but rather
with why we should concern ourselves with innovation. Because if we
don't get the why right, none of the rest of our work on innovation
will matter. We will move on from the question of why innovate to
the business context in which all innovation occurs in this age. We
won't dwell on the changes in the legal market already amply
covered in the legal press-flat demand, plummeting realization,
pressure to price differently, etc. Instead, we'll explore the
broader business climate and technological context in which all
practice will operate in the future. Our starting point will be to
explore how profoundly dissatisfied our clients have become with
traditional law firm service levels. As cordial as those clients
may be over lunch or a round of golf, when truly pressed, most will
admit to real frustration with how glacial the pace of change is
inside law firms. Next, we'll move to a technology focus. This
concerns radical shifts in our society that will reshape how we do
everything...including law. Technology already in the pipeline will
cause breathtaking transformations in our business and personal
lives, whether we innovate or not. Changes wrought by this
technology will exceed our imagination's ability to foresee them,
will exceed even the ability of our best futurists to predict what
will happen. We will then explore the competitive environment in
which Midsize firms will be operating over the near and medium
terms. Already, huge shifts in the economics of practice have taken
place-largely driven by competitors from outside the traditional
legal sector. In order to prepare to meet such emerging
competition, you need to understand it. Next, we will talk about
the skill deficits you have to remedy to compete in an age that
expects Amazons and Ubers. We can argue about whether law school
training properly equips young lawyers for substantive law
practice. But there can be no argument about whether young lawyers
emerge into practice equipped to manage the business of law-even
the basics of it. They clearly do not. And most lawyers leave
themselves in that state throughout their careers. From there, we
will explore particular skills in more depth. In separate chapters,
we will talk about: - Developing a baseline of service design
skills using Design Thinking resources that are now available to
lawyers, - Building a profit model and other business metrics
capabilities that are essential as a means of measuring the
efficacy of our innovation efforts, - Adding project management
skills to firms to enhance our ability to manage both the everyday
complexities of practice, as well as to carry off ambitious
innovation initiatives, - Learning how to deconstruct and rebuild
business processes so as to remove cost and add efficiency. This is
the area in which our clients are most interested in seeing us
innovate. Maybe we should cultivate those skills. For all the
gloomy predictions about rising competition and increasing price
pressure that you'll find in the pages that follow, I hope you
emerge from this study with a sense of optimism. I'm not the only
student of this portion of the legal sector to see the
opportunities in store for firms that seek to become change
leaders.
Legal services providers today need to innovate in their business
models, delivery methods, and moreover in their value propositions
in order to compete against competition coming in all shapes and
sizes (and from unexpected quarters). New Directions in Legal
Services examines the fast pace of change in the legal services
sector, driven in part by new technologies, and considers what the
future holds. We also look at some examples of new business models
and service delivery methods that are disrupting the market, and
the new approaches to pricing and profitability that are necessary
to support new ways of working and delivering legal services. With
research, insight and real world case studies from law firm
leaders, NewLaw pioneers, in-house counsels, academics,
consultants, and legal futurists New Directions in Legal Services
covers: The impact of technology on the traditional law firm
business model New business models altering the legal services
landscape, driven by AI and emerging technologies Moving beyond AI
and CC, what is the next big thing for legal services? How Design
Thinking can be applied to legal service design The evolving legal
talent pool Rethinking pricing and profitability to support new
ways of delivering legal services Umbrella models for law firms
Unbundling legal services and new options for in-house teams Law
firm-client collaboration through the managed legal network
Business model innovation - Implementing and sustaining change The
message to the legal sector could not be clearer: innovate or die.
New Directions in Legal Services clearly outlines how individuals,
law firms, and legal departments are accepting the challenge and
are innovating alongside the New Law service providers that have
taken root in the industry to provide a growing array of options
for lawyers and clients
The legal sector is facing a period of major metamorphosis -
disruptors are making waves in the structuring, process, and
service-delivery models, and client's needs are becoming more
demanding and value-focused. As the landscape of law transforms
many firms will be left facing a situation of, in John Alber's
words, change or die. How will law firms keep up with upcoming
rapid and volatile changes to the legal sector, and what form will
they take after the transformation? What will the law firm of the
future be like, and what can firms do today to ensure they are
properly future proofed? Lawscape 2025: Defining the law firm of
tomorrow is an exploration of the biggest innovations, strategies,
and disruptors that are set to change the face of legal practice.
Featuring leading industry experts weighing in on topics such as
future firm structures and leadership strategies, revolutionised
compensation measures, and the growing prevalence of big data,
analytics, and artificial intelligence, this title will serve as a
trusty manual on surviving the changing landscape of the legal
world.
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