lawyers in the 21st century
DESCRIPTION
The practice of law is changing, and lawyers need to adapt their business model to these changes. The Attorneys Creative Roundtable helps lawyers adapt to the changing business climate.TRANSCRIPT
Are You Ready to Practice Lawin the 21st Century
orWill You be One of the
LawyersWho Becomes Extinct?
“Stable is that step backwards between success and failure.”
~ Peter Campbell, Mad Men
Factors changing the PracticeShrinking middle class
(economy)More lawyers, less clientsOutsourcingCommoditizationTechnological breakthroughsTort ReformMore In-House counsel
Are you adapting
to the changes
in the Practice of Law?
Most of us are familiar with Friedman’s book and the many changes affecting our society
The Practice of Law is not immune to these forces . . .
Friedman’s conclusions:
Technological advancements have changed the business landscape in ways difficult to comprehend.
Web technologies have erased geographical barriers that once prevented businesses from engaging and competing on a global scale.
Individuals unwilling to accept and embrace change will fall quickly behind, while those who are innovative and adaptable will thrive in this new world order.
Changes in the Legal Industry
Every industry has suffered enormous structural changes due to globalization and technology
Changes to the legal industry began in the late 1980’s.
Changes have increased due to the recession.
In 5 years you will not recognize the legal industry and our business.
Technology . . .
Replaces many of the tasks formerly performed by lawyers.Drives down the cost of legal servicesSatisfies unmet consumer needs
Incomes of our clients have stagnated, but the demand has been unmet.Inexpensive on line legal services offer many do-it-
yourself legal kits for personal & business needsLegal Zoom had 1,000K customers in 10 years
We need to harness technology to deliver greater value to clients as a cost that declines over time.
Legal best sellerAcclaimed by some.Deemed heresy by othersCreated a tidal wave of
debate amongst lawyers, law firms and scholars.
Challenges us to:Charge LessWork differentlyEmbrace technologyDeregulate
The End of Lawyers?
Challenge to all lawyers –
Ask yourself - - - - -
What elements of a lawyer’s current workload could be undertaken differently - more quickly, cheaply, efficiently, or to a higher quality - using alternative methods of working.
Susskind has predicated the end of many roles assumed by lawyers in his latest book
His past predications have come to pass.
What are the future roles we as lawyers can assume to protect our businesses from extinction?
What area of practice will you be working at in the future?
Another Susskind book:
Legal institutions and lawyers are poised to change more radically over the next two decades than they have over the last two centuries.
Offers challenges to young lawyers to meet the challenges and find innovative, technological ways to meet the challenges.
Susskind’s future legal market includes:
Virtual courtsWeb-based global legal
businessesOnline doc productionCommoditized ServiceLegal Process OutsourcingWeb-based simulated
practicesLiberalized legal markets:
New Jobs New Employers
Successful innovative lawyers will grapple with 3 interconnected forces make change
in the Legal Profession inevitable
More sophisticated clients armed with more information and greater market power will rein in the costs of legal services.
A global economy increases the complexity of the legal work but results in more competition.
Information Technology automates and replaces many of the billable functions traditionally performed by lawyers.
The Evolving Practice of LawThis author predicts that many
areas of practice are being eliminated.
He suggests that there are some options which are available to lawyers to preserve their businesses.
Galbenski’s suggestions to meeting the challenges of the future
1. There will be new ways to buy legal services.
2. There will be new ways to provide legal services.
3. There will always be new ways to organize legal services.
4. Legal service providers will feel more pressure to consolidate.
5. There will be new ways to know about legal services.
6. New categories and types of people will be called upon to perform legal services.
7. There will be new ways to educate legal professionals.
The Future Law Firm:Will have customers, not clients.Offer flat fees per project or per procedure.Rates will be markedly lower than in 2008.Budgets for all legal work will be needed.Our practices will be run like real businesses
which: Know the Costs Can calculate a profit margin. Offer just in time services at the best price.
It is only the wisest and the stupidest that do not change.
~ Confucius
Attorneys’ CreativeRoundtable
If you would like to participate in a peer advisory group roundtable to explore ways to meet the challenges of the
21st Century, ask George Bellas for information about participating in the Attorneys Creative Roundtable . . . .
Contact George Bellas ([email protected])
wwwattorneyscreativeroundtabale.com