The legal industry’s future will not be the same as it used to be, per the report published by Law2023.org. The future prediction talks about disruptive change and creating opportunities for experienced attorneys and newcomers. The group of legal market insiders, which includes legal service providers, law firm managers, lawyers, and consultants, has interviewed various field experts, including technology, culture, design, and legal innovation. The collective views of all professionals depicted the future, which was based on the current trend and based on the complete discussion below are some findings:
Technology will help the lawyer to bill for real value. Many lawyers have adopted technology but not in a way to increase effectiveness. A lawyer’s professional practice is knowing where to get the answer and finding a relevant law or regulation. Another factor is knowing the answer to the situation others infrequently face, like incorporating the proper provision in a contract. Through powerful technology, lawyers can easily access such information, and some law firms will implement such tools to provide high-demand answers at cost-effective rates. That will allow them to broaden their offering and client base while increasing their profits. Some lawyers may ignore these services and will emphasize premium services where clients demand much imagination and creativity and are willing to pay high for them.
Firms will transcend jurisdiction through new offerings. Globalization has picked up the pace. Advising a global business doesn’t imply only staying ahead of the jurisdictions but offering counsel so clients can maximize their opportunities. Similar to today’s businesses that adopt structures to address taxation concerns, the law industry will get many choices per jurisdiction approaches to trade, environmental, IP protection, trade, and other practices. Also, businesses are shifting to the global network rather than restricting themselves to national boundaries. Hence regulatory bodies and governments need to adapt, and they should take help from the top legal minds to maintain transparency in the global arena.
Transparency will compel companies to seek a hyper-specific market. In the current arena, the greatest challenge is differentiation in the market. A single firm offers various services, but companies must offer each service equally. Transparency and universally accessible metrics will offer new opportunities. It will become easy for clients to compare the expertise of different organizations and consider their service posture, cost delivery approach, and diversity to select the desired organization. Instead of fulfilling all needs of the organizations, law firms will have the option to gain expertise in a specific area. It will enrich their domain expertise to open a new market for their services. Subject matter experts will get more exposure. Hence, firms can meet the client’s interest and think beyond their geographical boundaries.
Firms will come up with R&D departments to generate new offerings. With an increased belief in analytics, firms can identify trends and triggers and cater better counsel to their prospective clients. Such an approach will benefit legal service delivery, as the organizations will emphasize more approaches with the most significant possibility of success. For some organizations, such an approach will lead to the regular launch of new innovative services that can address particular trends. Many of such will be developed outside the mainstream legal practice to avoid any influence of tradition.
Innovation and user research will enhance clients’ experience. Today companies not only focus on addressing customers’ problems but also put efforts into customer engagement to make their problem-solving process more appealing. Similarly, lawsuit companies are now learning to place the clients first. For instance, if you are a San Francisco car accident attorney in California, you must focus on client satisfaction and engagement instead of providing a poor experience, even after getting desired outcomes. In the future, law firms will emphasize client satisfaction and repeated engagement more. In the future, it will become easy for clients to identify the relevant expertise; the only differentiating factor will be the service. With the expansion of this mindset, firms will look for proactive solutions and proceed further in the value chain. Their counsel will help them make better decisions instead of only delivering better legal outcomes.
So what will be the future? No one knows. It is hard to predict, but we have provided excellent food for your thought.