Until recently, lawyers needed just a few tools to ply their trade—legal knowledge, licensure, and clients. Good ones had a fuller kit—specialized skills and/or expertise, oratorical and writing proficiency, and a combination of intellectual and people smarts that elevated their client standing from lawyer to trusted adviser.
‘Innovation’ and ‘disruption’ are the legal industry’s favorite terms these days. Articles and conferences on ‘legal innovation’ and ‘disruption’–whether, when, how, and by whom—are legion. Pinpointing when disruption will occur is as unpredictable as an Amtrak train’s arrival. As Yogi said, ‘it’s tough to make predictions, especially about the future.’ Another way to chart the industry’s future is to consider whether the traditional partnership model law firms are becoming obsolete and, if so, what will replace them? That does not require a crystal ball or a Ouija board; a growing body of evidence points to advancing obsolescence of the incumbent partnership model. The structural and operational characteristics of its replacement are now identifiable–even if its dominant players have yet to be determined. [Read more…]
The career paths and prospects for young lawyers are markedly different than recent generations. A law degree was once a passport to a stable, predictable, and financially secure career. Most lawyers began their careers with little or no student debt and entered a marketplace where on-the-job training and mentorship were provided. The situation is different today from the day a student enrolls in law school. The cost of legal education has risen approximately 400% during the past quarter century, leaving many grads with six-figure student loans to pay off. Worse still, law schools do not expose them to marketplace conditions that demand they be ‘practice ready’ and equipped with skills beyond a knowledge of doctrinal law. The Grateful Dead comes to mind– ‘Well the first days are the hardest days, don’t you worry any more….’ [Read more…]
One way to describe the future lawyer is to list challenges attorneys must confront, then identify skillsets required to meet them. [Read more…]
The legal industry is becoming digitized. What does that mean? Digitization is a common term lacking a uniform definition. It is often used to describe a suite of IT assets– networks servers, software, the cloud, and other tools. IT is an essential element, certainly, but digitization is much more than the transition from paper to electronic communication. It is the process—enhanced by technology—of reimagining the delivery of goods and services and creating new business models and structures from which to manage it. Digitization is the interplay of tools, tasks, resources—human and technological—process, and models designed to better serve customers and to provide 24/7/365 connectivity between provider and client. [Read more…]
Law schools and firms have long had a symbiotic relationship. It’s not surprising, then, that they are are confronting similar challenges — an outdated model; entrenched stakeholders that oppose change; declining demand; high cost; failure to deploy technology and process/project management to promote more efficient delivery of services; high customer dissatisfaction; and customers ‘voting with their feet.’ Their challenges are the inevitable result of a failure to adapt to a changed marketplace. Most law schools and law firms—apart from a handful of elites—have two options: differentiate or die.