5 law practice management trends


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5 law practice management trends that will impact every law office regardless of size and practice--Do you know what they are?

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5 law practice management trends

  1. 1. 5 LAW PRACTICE MANAGEMENT TRENDS YOUNEED TO KNOW ABOUTDurham Orange Women AttorneysApril 18, 2013Camille Stell, Director of Client Services
  2. 2. AGENDA Business models – success and failure Evolution of the legal services market 5 law practice management trends that willimpact every law office regardless of size andpractice
  3. 3. CASE STUDY
  4. 4. HOW DID KODAK FAIL? Kodak - leader in the photo film, chemical and paperbusiness – founded in 1889 by George Eastman Kodak invented the first digital camera in 1975 1981 Kodak research reveals digital photography hadthe potential to replace their film based business – andthey would have approximately 10 years to prepare fortransition Kodak made business decisions focusing on their corebusiness in film and chemical Regardless of their own tech breakthroughs andaccurate market assessment, Kodak failed to make theright strategic choices On 1/19/12, Kodak filed for Chapter 11 bankruptcyprotection
  5. 5. CASE STUDY
  6. 6. HOW MIGHT AVIS SUCCEED? Avis is 3rd largest rental car company New model of car ownership Businesses such as car2go and Zipcar allow youto sign up online, rent by the hour and pick yourcar up at a local parking spot in town or in yourneighborhood In January 2013, Avis announced their plans topurchase Zipcar
  7. 7. THE EVOLUTION OF THE LEGAL SERVICESMARKET (JORDAN FURLONG, LAW21 BLOG)Stage 1 – Closed Market – most of 20th century upuntil no later than 2008 Law has one authorized provider – lawyers Jobs increase out of proportion to demand forservices No outside competition No pressure to innovate Little incentive to use technology Services are expensive
  8. 8. THE EVOLUTION OF THE LEGAL SERVICESMARKET (JORDAN FURLONG, LAW21 BLOG)Stage 2 – Breached Market – 2008 – 2016 Economic upheavals disrupt market Technology disrupts lawyers from traditionalroles Limited regulatory options against emergingcompetition (such as Legal Zoom) Firms cut positions to preserve profits Declining demand for lawyers leads toovercapacity in firms Law schools experience pressure
  9. 9. THE EVOLUTION OF THE LEGAL SERVICESMARKET (JORDAN FURLONG, LAW21 BLOG)Stage 3 – Fully Open Market – 2016 – 2024 Small, high-value portion of legal work is reservedexclusively for lawyers Many consumer legal services shift from lawyers tonon-lawyer providers, much corporate work shiftsfrom law firms to non-firm providers Most mid-size and large law firms downsizedramatically and some close Non-lawyers evolve to fill in gaps in market Client access to legal services has never beengreater
  10. 10. THE EVOLUTION OF THE LEGAL SERVICESMARKET (JORDAN FURLONG, LAW21 BLOG)Stage 4 – Expanding Market – 2019 - ? Combination of multiple providers and affordable pricesopen huge, previously latent market Innovation in services increases range and depth ofaccessible legal work Market expansion accelerates rapidly – legal job growthreturns, systems and IT advances achieveunprecedented levels of accuracy and efficiency in basicdocuments and processes Routine legal work is subject to fierce competition Elite firms – both solo and global - thrive by handlinghigh-quality, highly paid, mission critical work – lawyersare strategists, counselors and trusted advisors
  11. 11. 5 TRENDS Staffing the law office of the future Location for the law office of the future Products for the law office of the future Providing legal services for the future client Be open to change
  12. 12. DON’T MAKE THE KODAK MISTAKE Have a mindset open to change Think and act holistically Adapt to changing conditions Research, study, assess market changes then usethe information for strategic decision makingand continual evolution of your strategy (Ideas from The Decision Loom written by formerKokak manager Vince Barabba)
  13. 13. RESOURCES Divorce Discourse – law practice management blog written byRaleigh attorney Lee Rosen A Byte of Prevention – Lawyers Mutual blog Law 21 – blog by lawyer strategic consultant Jordan Furlong – TheEvolution of the Legal Services Market – 4 part series December2012 Growth is Dead e-book available on the Adam Smith Esq. website –written by lawyer and consultant Bruce MacEwen The End of Lawyers? Rethinking the Nature of Legal Services byRichard Susskind ABA Law Practice Magazine Jan / Feb 2013 – “Reinventing LawFirms” – with a feature story on Raleigh NC firm Morningstar NC Bar Association Law Practice Management section ABA Law Practice Management section
  14. 14. CONTACT INFORMATIONCamille Stell, Director of Client ServicesLawyers Mutual Liability Insurance Company Of North CarolinaP.O. Box 1929, Cary, NC 27512-1929Tele: 919.677.8900 | 800.662.8843www.lawyersmutualnc.comFollow us on Twitter:@LawyersMutualNC, @CamilleStell, @MarkScruggsEsq,Like us on Facebook / Connect on LinkedIn