FORUM MAGAZINE EXCLUSIVE: A Revolution in Legal Services

Topics: Forum Magazine, Law Firm Profitability, Law Firms, Leadership, Legal Innovation, Thomson Reuters

 Ten years ago, clients with a legal matter had essentially two options. Send it to a traditional law firm or handle it in-house. Today, clients have many more choices. Different providers are mushrooming – a trend only likely to grow – offering a huge range of legal-related services. In-house departments have grown and become more sophisticated. How should traditional law firms respond to these shifting tectonic plates in the legal landscape?

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What do these changes mean for established law firms and their clients?

The opportunity for clients is clear: to combine the different resourcing options now available with new technology and improved business processes to create more value for less cost.

In practice, this means looking afresh at the way legal tasks are approached and managed. By disaggregating larger pieces of work – for example, an M&A deal, a complex dispute or a regulatory investigation – into their constituent parts, it is possible for clients to allocate work to multiple providers to drive down cost without, if done properly, compromising on overall quality.

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