The Law Office of the Future

THE LAW OFFICE OF THE FUTURE - Est. 2013 ~ Welcome to the new world of legal services Where will legal assistance be found? 20th century Lawyers - the only source of legal knowledge and they don't undercut each other Rise of bloated system based on billable hours mid 2000's Technology aids but does not change the business CLOSED MARKET Providers distinguish themselves by targetting on lower or higher level work Financial pressures force outsourcing do it yourself" legal cures 2008 Legal technology disrupting traditional lawyering roles 2016 Overpriced firms cut positions to maintain profitability BREACHED MARKET Legal tools and knowledge are almost universally available online high value portion of legal work reserved for lawyers 2016 Non-lawyers fill many legal niches bringing extreme efficiency and lower prices 2024 Self-governance by lawyers made much stricter, to reinforce the highly skilled lawyer class FULLY OPEN MARKET Groups of lawyers work on project basis Lower pricing opens up vast legal market 2019 and beyond Commoditization of legal services is widespread Emergance of legal insurance (like home owner's insurance) grows Small number of elite firms thrive on handling high stakes, highly renumerative work EXPANDING MARKET Looking forward Lawyers are using their critical thinking skills to not just work cases but to reinvent their industry's role • This profession is more of a business in today's breached market globalization payment notoriously inefficient "billable hours" are being phased out By 2009 73% of payments were either: High Brow: a few firms span the financial centers of the world; upwards of $2M profit per partner e-discovery computer-based evidence can now be discovered in court massive growth in IT for legal services Low Brow: Some firms in India will do grunt work formerly FIXED price quoted before project begins, regardless of hours done in US for 1/10 to 1/3 of the cost BLENDED rate is average of all attorneys in firm alternative legal services paralegal technicians CAPPED document preparers minimum and vs maximum rate ŞŞ allows for change self-help sites of mind on course of action offshore vendors wills contracts administer agreements personal and small business transactions Are these changes sticking around? oa poll of the most prominent law firms in the nation thinks change temporary thinks change permanent unsure Focus on improved practice efficiency 96% More price competition 92% More commoditized legal work 12% 84% Fewer support staff 13% 81% More non-hourly billing 14% 80% Competition from non-lawyers 7% 20% 73% Fewer equity 15% 17% partners 68% More contract lawyers 9% 25% 66% Smaller annuạl billing rate increasẻ 26% 12% 62% Reduced leverage 24% 18% 58% Smaller first-year classes 28% 16% 56% Slowdown in growth of profits per partner 31% 21% 48% Outsourcing legal 14% 41% 45% work Holding the line on associate salaries 60% 18% 22% For legal services, the future is here. CITATIONS http://legalcareers.about.com/od/careertrends/tp/10-Trends-Reshaping-The-Legal-Industry.htm http://www.nytimes.com/2010/08/05/business/global/05legal. .html?pagewanted=Dall http://dealbook.nytimes.com/2012/09/25/the-future-of-big-law/ http://www.law21.ca/2012/11/the-evolution-of-the-legal-services-market-stage-1/ http://www.law21.ca/2012/11/the-evolution-of-the-legal-services-market-stage-2/ http://www.law21.ca/2012/11/the-evolution-of-the-legal-services-market-stage-3/ http://www.law21.ca/2012/11/the-evolution-of-the-legal-services-market-stage- http://www.altmanweil.com/dir_docs/resource/1667e5c8-b99e-4557-93ac-73174118ea29_docu- ment.pdf BROUGHT TO YOU BY: online-paralegal-degree.org