As law firm leaders look to the future following the global recession, few will deny that the profession has entered a period of unprecedented change.
This is evident not only in the way that legal services are procured, but also in how firms manage the expectations of their clients. This includes pressure to adopt alternative fee arrangements and to provide a leaner, more efficient service. Gone are the days when lawyers could charge by the hour and clients would pay without question. The client is now very much in control.
Managing Partner's report, The Future of Legal Services features in-depth guidance, analysis of key trends to keep an eye out for, lessons learned, and practical advice provided by the professions most well respected and leading experts on law firm management. Including:
- Patrick J. McKenna, law firm strategy and management consultant
- Jim Hassett, founder, LegalBizDev
- Patrick J. Lamb, founding member, Valorem Law Group
- Michael Bell, managing principal, Fronterion - Robert Sawhney, managing director, SRC Associates
- Bruce MacEwen, president, Adam Smith Esq
- E. Leigh Dance, president, ELD International
- Paul Lippe, founder, Legal OnRamp
- Dr Silvia Hodges, lecturer in marketing and management, Fordham Law School
- Steven A. Lauer, independent consultant
- Tom Berman, owner, Berman & Associates
- Larry Bodine, editor in chief, Lawyers.com
- Dan DiPietro, chairman, and Gretta Rusanow, senior client advisor, The Law Firm Group, Citi Private Bank
Not only do they reveal their visions for the future of the law firm and the ‘new world’ of legal services, but they provide expert advice on how to tackle the foreseeable challenges and opportunities. They cover topics including:
- The law firm of 2015 - How it will be shaped by dominant market forces including alternative fee arrangements (AFAs), legal process outsourcing (LPO) and project management.
- International horizons – Addressing the changing needs of international clients, and strategies on how law firms can expand into new markets.
- The Asian legal market - The pros and cons of setting up shop in the region.
- Brave new firm - Best practice approaches to managing the level of change required to adapt and survive (and prosper) in the challenging legal landscape.
- Emerging trends that are changing how lawyers and law firms work – The formal assessment of value, increased collaboration, the restructuring of work, unbundling of services and self-help.
- Power of the purse – How corporate procurement is influencing law firm selection.
- Combined forces affecting in-house counsel relationships –Key trends and their effects on the provision of legal service to business entities.
- The challenge of sharing leadership - Cultivate self-awareness, shared commitment, developing working relationships and defining leadership roles.
- Cultural evolution - The effect that international mergers are having on law firm culture, and the challenges for managing partners.
- Legal project management – A trend that is here to stay.
- The need for disruptive change in litigation - Improving the litigation process to bring measureable value to the resolution of cases.
- The next big thing – Information integration to reduce risk - Using integrated practice management software programs to reduce risk on a case by case basis.
- Maximizing online presence - Social tools that individual lawyers and firms will need to use to win new clients.
- Managing law firms in challenging times – A focus on AFAs and buying growth through the successful acquisition and integration of laterals into the firm.
- Legal process outsourcing - A strategic priority - Making third-party relationships meaningful and successful.
Firms which are open to change and introducing new ways of working are likely to emerge from these difficult times stronger, more efficient and more flexible to the developments that are shaping the future of legal services.