A lot is changing in the current
legal market. Be it the United States or
the United Kingdom where we are seeing the legal industry going through
turmoil. With the Alternative Business Structures
being implemented and of course the LSA, the law firms are a little shaken up.
What is everyone doing to beat
this change and move ahead in a manner which is fruitful and gives that
competitive edge? In a recent webinar by me on Legal Outsourcing – Paving theRoad Ahead!!, I had attempted to focus on this issue. We are seeing that today, it has become a more
of buyers market rather than a seller’s market.
And clients today are demanding more and more cost effective services
with the high quality.
We are seeing a trend where we
have external investments being pumped in to the law firms, super market law
shops selling legal services and of course something which cannot be missed is
the extensive mergers which are taking place in the industry. By joining
forces, the smaller law firms hope to widen their service offering and to
retain existing clients. For larger firms, mergers are giving way to ready-made
regional offices and international offices or expanded practices. These are
definitely some of the things which are coming in to light.
However, another important change
which we see happening is the more and more utilization of outsourced legal and
paralegal services. Yes, infact legal
process outsourcing has jumped up to action like a spring and is being used by
more and more firms now. A very recent study showed that almost 15% of the law
firms in UK are now outsourcing and reaping benefits off it.
While law-firm profits have been moving
up slowly since the recession, earnings haven't returned to the expected
growth. And the gap between the wealthiest and lesser players is expanding. And outsourcing is emerging as a savior.
The road blocks which existed for
outsourcing have cleared out and has given way to firms to go ahead in that
direction. The key thing here is to wake
up and smell the need to do something different than the conventional ways of
practice. While you may be sleeping,
your competitors may be moving ahead and getting that competitive edge which
will help them to survive in this current market scenario.
If you are not riding the wave of change……..you’ll find yourself
beneath it. Are you one of those
who are waiting to “follow” others or the ones to be the “leaders”?