Page 253 - 2019 - Leaders in Legal Business (n)
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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 macro
levels 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.
238
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 macro
levels 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.
238
