Page 227 - Leaders in Legal Business - PDF - Final 2018
P. 227
More competition meant that more services were offered and more products were created
to allow firms to openly compete. Products and services were now aimed at getting a competitive
advantage and increasing profit. Almost anything seemed to be okay for the small advantage of
obtaining and keeping a client.
However, the business of law was still largely tethered to the earth until the mid-1990s.
The Internet and communications technology propelled the business of law into a new
era. The Internet, while applicable to every business, has asserted a profound effect because law
is a business based upon information. In the practice of law, it is information on clients and
opponents.
In the business of law, it is information on business practices.
The authors of this compendium have explored each aspect both on the micro- and
macrolevels of the business of law. Each of the chapters in this book relates back to the changes
that have manifested themselves. Consultants have become specialists; in fact, everyone has
become a specialist.
So where does the business of law go from here? In my opinion, five primary macro
trends will push the business of law into uncharted waters.
Law firms’ structures will change. Five of the very largest law firms have opted to
become networks using Swiss vereins as a way to accelerate their expansion. They have copied
the largest accounting networks, whose brands are recognized worldwide. This will push the
largest firms to move even farther toward a new business entity model. This will require
restructuring, redeployment of resources, training, and technology to manage the attorneys in
culturally diverse offices. The expertise to accomplish this will be found both in-house and with
outside consultants who can lead the firms into the unknown.
Branded firms will compete with the largest independent regional or national firms. The
branded firms will also increasingly compete with local firms in order to effectively and
efficiently utilize their resources. This will require new services and products for both the largest
and the smallest firms.
At the same time, outside of the United States, the PwC, Deloitte, KPMG, and E&Y legal
networks will rapidly redeploy into the legal market by focusing initially on tax, mergers and
acquisitions, labor, immigration, and other commercial areas. This will be a cause for concern for
even the largest independent firms, given the resources and organizations of the Big 4.
Social media marketing will come into its own as the Internet generation takes leadership
positons in law firms and corporate legal departments. This will allow the smallest firms to
compete with the largest. Specialty firms will become even more specialized and be able to
market their services using social media.
Technology combined with redefining legal services has resulted in the unbundling of
services traditionally provided by law firms. Firms and corporate clients will have an opportunity
to take advantage of these services. The leaders and influencers will affect the pace and
development of these alternatives. Both law firm and corporate counsel leaders will create
alliances with the alterative resource providers.
John Bates and Van O’Steen were leaders who challenged the legal profession. Today’s
leaders in legal media, consulting, networks, law firms, bar and professional associations, legal
process outsourcing, and other services and products will continue this tradition by posing the
same challenges.
Law is a profession – Law is a business.
The two are inseparable.
213
to allow firms to openly compete. Products and services were now aimed at getting a competitive
advantage and increasing profit. Almost anything seemed to be okay for the small advantage of
obtaining and keeping a client.
However, the business of law was still largely tethered to the earth until the mid-1990s.
The Internet and communications technology propelled the business of law into a new
era. The Internet, while applicable to every business, has asserted a profound effect because law
is a business based upon information. In the practice of law, it is information on clients and
opponents.
In the business of law, it is information on business practices.
The authors of this compendium have explored each aspect both on the micro- and
macrolevels of the business of law. Each of the chapters in this book relates back to the changes
that have manifested themselves. Consultants have become specialists; in fact, everyone has
become a specialist.
So where does the business of law go from here? In my opinion, five primary macro
trends will push the business of law into uncharted waters.
Law firms’ structures will change. Five of the very largest law firms have opted to
become networks using Swiss vereins as a way to accelerate their expansion. They have copied
the largest accounting networks, whose brands are recognized worldwide. This will push the
largest firms to move even farther toward a new business entity model. This will require
restructuring, redeployment of resources, training, and technology to manage the attorneys in
culturally diverse offices. The expertise to accomplish this will be found both in-house and with
outside consultants who can lead the firms into the unknown.
Branded firms will compete with the largest independent regional or national firms. The
branded firms will also increasingly compete with local firms in order to effectively and
efficiently utilize their resources. This will require new services and products for both the largest
and the smallest firms.
At the same time, outside of the United States, the PwC, Deloitte, KPMG, and E&Y legal
networks will rapidly redeploy into the legal market by focusing initially on tax, mergers and
acquisitions, labor, immigration, and other commercial areas. This will be a cause for concern for
even the largest independent firms, given the resources and organizations of the Big 4.
Social media marketing will come into its own as the Internet generation takes leadership
positons in law firms and corporate legal departments. This will allow the smallest firms to
compete with the largest. Specialty firms will become even more specialized and be able to
market their services using social media.
Technology combined with redefining legal services has resulted in the unbundling of
services traditionally provided by law firms. Firms and corporate clients will have an opportunity
to take advantage of these services. The leaders and influencers will affect the pace and
development of these alternatives. Both law firm and corporate counsel leaders will create
alliances with the alterative resource providers.
John Bates and Van O’Steen were leaders who challenged the legal profession. Today’s
leaders in legal media, consulting, networks, law firms, bar and professional associations, legal
process outsourcing, and other services and products will continue this tradition by posing the
same challenges.
Law is a profession – Law is a business.
The two are inseparable.
213
