My address focuses on positive themes explaining why and how law firms should start remaking how they serve clients in better, faster, cheaper ways.

1. Remaking Law Firms –
imperatives and opportunities in a
digital age
Dr George Beaton
Senior Fellow, Melbourne Law School
Partner, Beaton
LIV Conference of Council
2016

2. December 2013

3. March 2016

4. What is a business model?
Business model ≠ strategy
Informs how firms make money by:
Winning work
Doing work
Leading and governing

5. 10 Hallmarks of the BigLaw business
model
1. Personal brands
2. Lawyers sell and produce
3. Hourly rates
4. Legal excellence
5. Top legal talent
6. Leveraged full-time
lawyers
7. Sustaining technology
8. Sustaining processes
9. Partnership
10. Few equity partners
1. Partner-centric
2. Lawyer-centric
3. Clients bear the risk
4. Culture of perfection
5. High salaries
6. High fixed cost
7. Innovation laggards
8. Lawyer efficiency
9. Profit today
expectations
10. PPEP maximisation
How
work is
won
How
work is
done
How firm
is governed
Hallmarks Consequences
….which describes (almost) all
law firms today
DISRUPTIVE INNOVATION & RISE OF NEWLAW | 10 HALLMARKS OF BIGLAW BUSINESS MODEL
© 2016 Beaton

6. The rise and rise of NewLaw business
models…
Dispersed
talent
providers
Process
outsourcers
Document
providers
Artificial
intelligence
providers
DISRUPTIVE INNOVATION & RISE OF NEWLAW | RISE AND RISE OF NEWLAW

7. Hallmarks Consequences
1. Corporate brands
2. Separate sales and
production
3. Alternative fee arrangements
4. Commercial relevance
5. Business savvy talent
6. Flexi lawyers
7. Disruptive technology
8. Processes re-engineered
9. Corporate ownership
10. Non-lawyer shareholders
1. Not key person dependent
2. Effective division of labour
3. Risk shared with clients
4. Culture of efficiency
5. Market-based salaries
6. Variable cost
7. Early adopter
8. Lean culture
9. Shareholder value
mindset
10. Diverse perspectives
How
work is
won
How
work is
done
How firm
is governed
DISRUPTIVE INNOVATION & RISE OF NEWLAW | 10 HALLMARKS OF NEWLAW BUSINESS MODEL
© 2016 Beaton
10 Hallmarks of the NewLaw
business model
….radically changing the way clients
are being served

8. Some BigLaw firms are not asleep at
the wheel!
Dispersed
talent
providers
Process
outsourcers
Document
providers
Artificial
intelligence
providers
Near shore captives
Onshore captives
+
DISRUPTIVE INNOVATION & RISE OF NEWLAW | BIGLAW FIRMS ARE RESPONDING
© 2016 Beaton

9. © 2015 Beaton 9
The future is already here –
it is just unevenly distributed
William Gibson

10. Be amongst the first to be advised
of the publication of
Remaking Law Firms
http://www.remakinglawfirms.com/registration/
and receive a complimentary e-copy of
NewLaw New Rules