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NCPA presentation on the evolution of "the law firm." This presentation explores the climate of the law industry and the direction it's heading. This presentation is a great resource for new and ...

NCPA presentation on the evolution of "the law firm." This presentation explores the climate of the law industry and the direction it's heading. This presentation is a great resource for new and seasoned law professionals. Are you prepared for the future?

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Law office of the future Law office of the future Presentation Transcript

  • THE LAW OFFICE OF THE FUTURENCPA Annual MeetingApril 5, 2013Camille Stell, Director of Client Services
  • OPEN STATEMENT It’s not about change, but at what velocity Tom Clay, Altman Weil
  • AGENDA Discuss law firm of 1980 Statistics What keeps lawyers up at night What keeps paralegals up at night Furlongs 4 stages Law Firm of future Employee of future
  • LAW FIRM OF 1980 No computers – they filled rooms Selectric typewriters, carbon paper, magcard machines Fax machines – 1 page in 6 minutes Large firm was fewer than 20 lawyers Libraries had books, we filed advancesheets and pocket parts Stood in line at banks to deposit cash andchecks
  • STATISTICS 2012 - 44,500 law grads, 21,800 new jobs (fromABA and US Bureau of Labor Statistics) 20 – 25% fewer lawyers in law firms in 10 years(from Altman Weil)
  • WHAT KEEPS LAWYERS UP AT NIGHT Should I open my own office, keep my officespace? Hire staff, associates – keepstaff, associates? My clients want less service, less fees, onlyadvice, no forms How do I invest in technology?
  • WHAT KEEPS PARALEGALS UP AT NIGHT Firm economics Firm relationships are deteriorating Change in relationship with supervisingattorney or team Firm’s reaction to changes Am I next?
  • 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
  • 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
  • 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
  • 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
  • 5 TRENDS Consider outsourcing options Consider real estate options Better to have variable costs than fixed costs Clean up books and experiment with feestructures that work for your clients Be open to change
  • EMPLOYERS OF THE FUTURE Transitioning from lifetime employment model toone in which jobs and companies are likely todisappear (or reinvent themselves) in 5 or 10 years Once you are more efficient, you don’t go back toprior inefficiencies High value to clients is advocacy and counseling(skills, experience, expertise, judgment, knowledgeof the client and the industry) Low value to clients is process and content (duediligence, document draft, research, assembly andreview)
  • NEW COMPETITORS – NEW ENVIRONMENT New model of traditional law firm – Morningstar New model of non-traditional law firm – Axiom LPO’s or Legal Process Outsourcing – obtaining legalsuport from an external law firm or legal supportservices firm for work such as data analysis andmanagement, doc drafting, doc prod, due diligence, e-Discovery, IP services, legal research, legal transcription Traditional firms with in-house affiliates – WCSR – CaseManagement Facility Online providers of legal services – Legal Zoom Virtual Law Offices IBM’s Watson – replace 500 associates
  • EMPLOYEES OF THE FUTURE Have a mindset open to change Adapt to changing conditions Research, study, assess market changes then usethe information for strategic decision makingand continual evolution of your strategy Ability to be creative as well as analytic Being adaptable and unique
  • WHAT DOES IT MEAN TO BE PROFESSIONAL? Face to face contact Return calls promptly Dress professional – judge’s comment about theclub – look up photos of professional dress Shake hands Good communication skills Good email communications – avoid carelessmistakes Show respect Show loyalty Put away gadgets, phones, no bluetooth in your ear Show good manners
  • ENDING Change is rarely pleasant, but change is here tostay
  • RESOURCES Law 21 – blog by lawyer strategic consultant Jordan Furlong –The Evolution of the Legal Services Market – 4 part seriesDecember 2012 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 Servicesby Richard 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
  • 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