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, NewLaw pioneers, in-house counsels, academics, consultants, and legal futurists New Directions in Legal Services covers:
- The impact of technology on the traditional law firm business model
- New business models altering the legal services landscape, driven by AI and emerging technologies
- Moving beyond AI and CC, what is the next big thing for legal services?
- How Design Thinking can be applied to legal service design
- The evolving legal talent pool
- Rethinking pricing and profitability to support new ways of delivering legal services
- Umbrella models for law firms
- Unbundling legal services and new options for in-house teams
- 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.
- 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?
- 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
- 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
- Innovation talk
- Apple innovation
- Design Thinking
- A new model?
- The historical problem
- Use of market data to determine pricing
- Matrix budget
- The three Es
- Multi-disciplinary practices
- 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
- Traditional law firms
- The in-house model
- Unbundling legal services
- Our evolution – The Halebury model
- Next stage of the evolution
- Agenda for change
- Our aspirations
- Our processes
- Reflections on collaboration
- 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?