Page 180 - 2019 - Leaders in Legal Business (k)
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The business of providing legal services to industry has evolved significantly from where
it was, even at the start of this decade. Where will we be in another ten years? With the changes
that have taken place within the profession and in particular the focus on the “business of law,” we
are lining up for greater value for our end customers as costs are more transparent and better
managed, and legal services are approached increasingly like a business rather than a legal practice.
The pace of change is only going to increase. Looking at the wider economy, 43 of the
companies in the Fortune top 100 globally were new entrants since 2008, and some of those
included established names like Apple, who rose from a position of #33 in 2008 to #11 in 2018 –
a phenomenal rate of change.
The legal industry, whilst notably slower to evolve, is having to keep up. Even its slow
pace will ensure more radical changes appear. The need to evolve will be highlighted by the
potential for disruption, as has been seen in other industries such as hotels (Airbnb), taxis (Uber),
and food service (Deliveroo). Law companies are being seen as disruptors in the legal industry as
they aggregate the disaggregation that has occurred over the last decade. Expect the continuation
of outside investments and law companies going public to further accelerate the pace of change.
Additional Sources:
2018 Legal Industry Outlook, GREENTARGET (2018), https://greentarget.com/wp-
content/uploads/2018/01/2018-Legal-Industry-Outlook_Final.pdf.
Alternative Legal Services Providers 2019, THOMSON REUTERS (2019),
https://legal.thomsonreuters.com/content/dam/ewp-m/documents/legal/en/pdf/reports/alsp-report-
final.pdf?cid=9008178&sfdccampaignid=7011B000002OF6AQAW&chl=pr.
UK Legal Services Market Trends Report, 2019 - Revenue Growth Forecast in 2019 is 5.4% (at
Current Prices) and Year-on-Year Growth of Between 5% & 6% is Expected from 2019 to 2022,
RESEARCHANDMARKETS.COM (March 4, 2019),
https://www.businesswire.com/news/home/20190304005549/en/UK-Legal-Services-Market-
Trends-Report-2019.
Report on the State of the Legal Market 2019, THOMSON REUTERS (2019),
http://images.ask.legalsolutions.thomsonreuters.com/Web/TRlegalUS/%7B7f73da9c-0789-4f63-
b012-379d45d54cdf%7D_2019_Report_on_the_State_of_the_Legal_Market_NEW.pdf.
David Holme, 2019 Will Be the Year of Real Change for the Entire Legal Industry, GLOBAL
LEGAL POST (Jan. 3, 2019), http://www.globallegalpost.com/commentary/2019-will-be-the-year-
of-real-change-for-the-entire-legal-industry-81020591/.
Catherine Baksi, Why Are So Many Talented Lawyers Moving In-House?, RACONTEUR (Nov. 27,
2018), https://www.raconteur.net/risk-management/in-house-lawyers-corporate.
165
it was, even at the start of this decade. Where will we be in another ten years? With the changes
that have taken place within the profession and in particular the focus on the “business of law,” we
are lining up for greater value for our end customers as costs are more transparent and better
managed, and legal services are approached increasingly like a business rather than a legal practice.
The pace of change is only going to increase. Looking at the wider economy, 43 of the
companies in the Fortune top 100 globally were new entrants since 2008, and some of those
included established names like Apple, who rose from a position of #33 in 2008 to #11 in 2018 –
a phenomenal rate of change.
The legal industry, whilst notably slower to evolve, is having to keep up. Even its slow
pace will ensure more radical changes appear. The need to evolve will be highlighted by the
potential for disruption, as has been seen in other industries such as hotels (Airbnb), taxis (Uber),
and food service (Deliveroo). Law companies are being seen as disruptors in the legal industry as
they aggregate the disaggregation that has occurred over the last decade. Expect the continuation
of outside investments and law companies going public to further accelerate the pace of change.
Additional Sources:
2018 Legal Industry Outlook, GREENTARGET (2018), https://greentarget.com/wp-
content/uploads/2018/01/2018-Legal-Industry-Outlook_Final.pdf.
Alternative Legal Services Providers 2019, THOMSON REUTERS (2019),
https://legal.thomsonreuters.com/content/dam/ewp-m/documents/legal/en/pdf/reports/alsp-report-
final.pdf?cid=9008178&sfdccampaignid=7011B000002OF6AQAW&chl=pr.
UK Legal Services Market Trends Report, 2019 - Revenue Growth Forecast in 2019 is 5.4% (at
Current Prices) and Year-on-Year Growth of Between 5% & 6% is Expected from 2019 to 2022,
RESEARCHANDMARKETS.COM (March 4, 2019),
https://www.businesswire.com/news/home/20190304005549/en/UK-Legal-Services-Market-
Trends-Report-2019.
Report on the State of the Legal Market 2019, THOMSON REUTERS (2019),
http://images.ask.legalsolutions.thomsonreuters.com/Web/TRlegalUS/%7B7f73da9c-0789-4f63-
b012-379d45d54cdf%7D_2019_Report_on_the_State_of_the_Legal_Market_NEW.pdf.
David Holme, 2019 Will Be the Year of Real Change for the Entire Legal Industry, GLOBAL
LEGAL POST (Jan. 3, 2019), http://www.globallegalpost.com/commentary/2019-will-be-the-year-
of-real-change-for-the-entire-legal-industry-81020591/.
Catherine Baksi, Why Are So Many Talented Lawyers Moving In-House?, RACONTEUR (Nov. 27,
2018), https://www.raconteur.net/risk-management/in-house-lawyers-corporate.
165
