The market will no longer tolerate the inefficiencies of the traditional law firm model. Persistently and progressively, clients are insisting that legal service be provided in ways that are more tailored to their precise needs and for fees that bear a more reasonable relationship to the value provided.
Until recently this insistence has shown up as pricing pressure — clients demanding discounts. It has now moved to a more significant stage: clients moving massive amounts of their legal work to other providers — in-house, alternative providers or more efficient law firms — that deliver what they need more cost effectively.
The game has changed. And the change will only accelerate. Law firms that want to flourish in the world ahead must adapt.Read More