Adding to the economic conditions we are experiencing, the business of law is rapidly changing.
Here a just a sampling of factors currently altering the legal landscape:
Globalization for low level legal tasks
Consolidation and the creation of mega firms
Increased use of request for proposals (RFPs)
Budgetary caps on fees
Alternative billing
Marketing of legal service plans
De-equitizing law firm partners, closing of firms and layoffs
Self-help legal guides
Higher rates of lawyer depression and anxiety
A recent book by David Galbenski entitled “Unbound: How Entrepreneurship is Dramatically Transforming Legal Services Today” highlights the pressure that businesses are feeling and that if lawyers don’t adapt, they may not be around.
There is no doubt you have to be more creative in all that you do; whether its reviewing your cost structure or finding new ways to add value for your clients. Getting your clients to talk to you about their needs and how they really feel about your services is a good place to start. I spoke to one firm that set up an “Alternate Billing Committee”…yet they failed to ever invite one of their clients to discuss ideas with them.
Go figure?
Despite what Richard Susskind predicts in his book…the end of lawyers is not going to happen.
We have to blame someone for the predicaments we find ourselves in.
What is going to happen is that the lawyers that fail to really listen to their clients
will no longer hear from their clients at all.
