The legal industry is due for change – so we hear. Virtual Intelligence’s summaries on the trends in the legal industry are as always outstanding. BUT, there is one big but to all writers in this area and that is the fact that the industry’s centrecourt is no longer the Law Firm.
One of the key changes over the last ten years is the insourcing trend (work being produced i lawfirms going inhouse) combined with the growth of total legal work conducted (more complex, more issues, more international). This leaves the law firms on a flat (or declining) market as defined by themselves.
So, the market for legal services is already re-defined. It is not about the law firms vs disrupting factors only. The legal market is more complex than that.
One interesting question to ask is whether the inhouse department will be able to stand the disruption imposed by technology. The ultimate management of the inhouse departments are probably more ruthless. They have showed it before when it comes to other cost and efficiency driven projects.
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