Today Altman Weil announced its
release of The Legal Transformation Study:
Your 2020 Vision of the Future, published by Decision Strategies
International:
“The comprehensive industry assessment identified 11 key global trends
and uncertainties shaping the future of the legal industry, then developed
four possible planning scenarios that the legal industry may face in the next
decade,” said Paul Schoemaker, Ph.D., research director of the Mack Center
for Technological Innovation at Wharton Business School, and the founder and
executive chairman of Decision Strategies International. “These
four scenarios can be used as a framework for challenging current service
models within the industry, answering key strategic questions, and helping
stakeholders, including corporate law departments, law firms and legal service
suppliers, identify proactive strategies to ensure future success.”"According to Dr. Schoemaker, four possible scenarios for the delivery
of legal services between now and 2020 are summarized as follows:– Blue-Chip Mega-Mania: A model that emphasizes the global consolidation of
legal service providers and the dominance of giant law firms with vast global
presence and offerings spanning all legal areas.– Expertopia: A scenario that envisions the increasing complexity of the law
and challenges of corporations operating in multiple environments worldwide,
thereby placing a premium on specialization and expert-driven cultures at legal
services organizations.– E-Marketplace: A model built on the premise that technology will be a catalyst,
but not the core, for an industry transformation in which an array of Web-based
technologies will make information more available and expert judgment more
valuable.– Techno-Law: A scenario that contemplates rising corporate investment in
automation capabilities throughout the legal services industry, leaving only
the high-end services to be delivered by legal professionals and potentially
requiring a complete reconstruction of the traditional business models in the
legal services industry.“In the past, law firms and corporate law departments have frequently
been taken by surprise by unexpected forces that directly influenced the practice
of law,” said Jim Seidl, president of Legal Research Center and co-developer
of the Study. “The findings of this Study will empower legal
service providers to proactively compete more successfully in the global
legal marketplace, reduce the risk of unexpected business surprises and threats,
and identify new opportunities for business growth in the next decade.”“As a provider of services within the dynamic electronic discovery services
arena, we closely monitor current trends and anticipate the future of our profession
to help our clients make well-informed decisions and achieve favorable results,” said
Greg Mazares, president and CEO of Encore Legal Solutions. “The
Legal Transformation Study is an important tool we can all use to prepare for
any number of potential business scenarios. We are pleased to have
been a primary developer of the Study and look forward to sharing the results
with our clients and other legal professionals across the nation.”“This Study is a tool to test the resiliency of law firm strategic plans
across a range of possible futures, or to develop new plans more likely to
assure their success,” said Ward
Bower, strategy consultant at Altman Weil. “This is critical
stuff for law firms. If they get their basic direction wrong, they’re
toast.”
“There can be no doubt that we are poised for significant change between
now and 2020, with a wide range of business, technological and regulatory forces
sure to have a major impact on the way that legal services are delivered to
corporations worldwide,” said Mark Chandler, general counsel of Cisco
Systems, and a Study contributor. “This groundbreaking Study
identifies the likely components of these industry changes and prescribes
important guidelines for how corporate law departments, law firms and other
legal service providers can start planning now to seize these emerging opportunities
while protecting against competitive threats.”
Sponsors include of course Altman Weil, and Jomati, but also Encore Legal
Solutions, Bridgeway Software, Inc., Deloitte Financial Advisory Services LLP,
DuPont Legal, Eversheds, Intellevate, Meritas and Solomon Page Group LLC.
You can order a copy here.
