New Directions in Legal Services

New Directions in Legal Services examines the fast pace of change in the legal services sector, driven in part by new technologies, and considers what the future holds. 

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Details

  • Publication date: August, 2017
  • Pages: 100

Description

Legal services providers today need to innovate in their business models, delivery methods, and moreover in their value propositions in order to compete against competition coming in all shapes and sizes (and from unexpected quarters).

New Directions in Legal Services examines the fast pace of change in the legal services sector, driven in part by new technologies, and considers what the future holds. 

We also look at some examples of new business models and service delivery methods that are disrupting the market, and the new approaches to pricing and profitability that are necessary to support new ways of working and delivering legal services. 

With research, insight and real world case studies from law firm leaders, in-house counsels, academics, consultants and legal futurists New Directions in Legal Services covers:

  • Technologies impact on the traditional law firm business model 
  • How AI is revolutionizing legal services delivery
  • What is the next big thing for legal services
  • The missing “E” in legal innovation
  • The evolving legal talent pool
  • Rethinking pricing and profitability
  • A new business model for a sustainable future
  • Law firm-client collaboration through the managed legal network
  • Business model innovation – Implementing and sustaining change

The message to the legal sector could not be clearer: innovate or die. New Directions in Legal Services clearly outlines how individuals, law firms, and legal departments are accepting the challenge and are innovating alongside the New Law service providers that have taken root in the industry to provide a growing array of options for lawyers and clients.

Contents

Chapter 1: Why the developments to the competence divide (and not the digital divide) will make or break the law firm business model
  • From information asymmetry to the closing competence divide: An elusive aspect of the law firm paradigm
  • How legal technology will change the business of law
  • Is legal technology really changing the law firm model?
  • Information equilibrium, but in a dynamic market? 
Chapter 2: AI and five new business models for legal services
  • New business model 1: The lawtech start-up
  • New business model 2: The legal chatbot
  • New business model 3: Online legal advice
  • New business model 4: The legal platform as a service
  • New business model 5: The legal engineer
Chapter 3: What is the next big thing for legal services? 
  • Suspicions and reinventions
  • From AlphaGo to AlphaLaw?
  • Four aspects of legal services
  • Time equals money
  • Evolving legal artificial intelligence from carthorse to racehorse 
  • Inviolable lawyers
  • Paper-pusher pushout
  • Renovating private practice
Chapter 4: The missing “E” in legal innovation
  • Innovation talk
  • Apple innovation
  • Design Thinking 
  • A new model? 
Chapter 5: The evolving legal talent pool
 
Chapter 6: Rethinking pricing and profitability 
  • The historical problem
  • Use of market data to determine pricing
  • Matrix budget
  • The three Es
  • Multi-disciplinary practices
Chapter 7: A new business model for a sustainable future 
  • The traditional legal model
  • Potential threats to the financial stability and future of a legal practice
  • Creating a different business model
  • It’s good to talk – and we will listen
Chapter 8: Evolving business models in legal services
  • Traditional law firms
  • The in-house model
  • Unbundling legal services 
  • Our evolution – The Halebury model
  • Next stage of the evolution
  • Conclusion
Chapter 9: Law firm-client collaboration through the managed legal network
  • Introduction
  • Agenda for change
  • Our aspirations
  • Our processes
  • Reflections on collaboration
Chapter 10: Business model innovation – Implementing and sustaining change
  • Drivers for change
  • Traditional Big Law v Evolving Big Law models
  • Case study: The evolving business model in practice – Ashurst Advance
  • Implementing and sustaining change
  • Parallels from the past?
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Authors

John Alber
Futurist at the International Legal Technology Association
Chrissie Lightfoot
CEO of Robot Lawyer LISA and CEO of EntrepreneurLawyer Limited. Author of The Naked Lawyer and Tomorrow’s Naked Lawyer.
Joanna Goodman
Writer, editor, and IT columnist for the Law Society Gazette and the Guardian Media Network; author of Robots in Law
Michael Roster
Steering committee co-chair, Association of Corporate Counsel’s Value Challenge
Markus Hartung
Director, Bucerius Center on the Legal Profession, Hamburg
Emma Zierke
Bucerius Center on the Legal Profession (CLP) at the Bucerius Law School
Debbie Epstein Henry
Founder of DEH Consulting, Speaking, Writing, and internationally recognized expert, consultant, best-selling author and public speaker on careers, workplaces, women, and the law. 
Martyn Caplan
Founder and director of Lawyers Inc.
Janvi Patel
Executive chairwoman & founder of Halebury
Richard Tapp
Company secretary and director of legal services at Carillion plc 
Fleur Kitchingman
Senior vice president legal and corporate secretary at Carillion Canada
Christie Guimond
R&D strategy executive at Ashurst
Mike Polson
Director of Ashurst Advance and co-head of innovation for leading international law firm Ashurst