Most law firms have yet to board the new technology train. Customers buying patterns have already slowly started to change, and it is not a case of it might happen, it has already begun to happen. The important question is, will you be on board the train?
The problem with the legal industry is very simple. Customers will want to buy things that most law firms won't be selling. The majority of lawyers only sell one thing, 'time by the hour' and customers are not interested in buying that, they want fixed priced solutions. Start-ups and technology will sort that problem out, and in the future, that is where the money will go.
As demand changes, law firms will carry on selling the same old solutions with arguments as to why customers are wrong.
Law firms need to look at acquiring start-ups and operating under different brands and models. They need to start thinking differently and diversifying. If law firms don't change, they will not be able to respond to the future needs of customers. They can rest assured that if they don't respond, the market is large that someone else will.
The choice is theirs; Partners can carry on thinking about what wine to drink this weekend and where to go holiday or reflect on the insolvency company they might have to appoint in the future. Don't forget that disruptors always come from outside the industry. I'm a retailer, and I'm only interested in one thing, the customer.
The solicitor's favourite line is “Look, you just don’t understand” and presumably you'll charge me by the hour to explain why I don't understand.
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