Big Law faces increasing turbulence as the legal services market undergoes rapid transformation. Traditional law firms are grappling with a shift from a lawyer-centric model to a client-centric one, driven by buyers who demand more value, transparency, choice, and predictability. This change is fuelled by the rise of legal tech start-ups, legal process outsourcers, and the Big Four accounting firms’ expansion into legal services.
The legal profession is also experiencing a generational change, with millennials prioritising work-life balance and social impact over financial rewards. This shift is causing a talent drain from Big Law to in-house legal departments, which offer greater flexibility and a more holistic view of business.
The regulatory framework is evolving too, with countries like the UK and Australia allowing non-lawyers to own and manage law firms, which could lead to a surge in investment and innovation. Despite these challenges, Big Law has been slow to adapt, clinging to outdated metrics like the billable hour and partner profits.
To survive, law firms must embrace technology, process, and a client-centric model. They need to invest in talent, technology, and training to deliver more efficient, cost-effective services. They must also rethink their culture and values to attract and retain the best talent.
Go to source article: http://legalmosaic.com/2016/03/03/perspective-more-turbulence-ahead-for-big-law/