Demand for legal services in the future will not fall. Instead, customers will start spending their money with newer law firms and the cause of this change in legal spending will be new technology that will reduce the value of transactions.
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 your firm 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 in the future won't be interested in buying that, they want fixed priced solutions. Start-ups and technology will sort out the problem, and in the future, that is where the money will go.
As demand changes, old 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 new business models. They need to start thinking differently and diversifying. If your law firms doesn't change, you will not be able to respond to the future needs of customers. Rest assured that if you don't respond, the legal market is so large that someone else will take your customers.
The choice is yours. 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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