I’ve written about the inevitable disruption that is coming to the law industry. Many outsiders are making runs. And some law firms are taking this on themselves.
One large Australian law firm has invested in a start up that engages in certain corporate transaction work that the firm does not handle and that it traditionally referred out to smaller firms. So the law firm is able to provide clients with a lower cost alternative, while capturing the revenue through the separate company.
This example shows the opportunities and the problems that face firms of all sizes. While the large firm captures revenue it historically lost, the smaller firms are losing revenue they used to enjoy.
Another example of a large firm attempting to address disruption head on is discussed in this piece. This British firm has launched an online tool to help financial tech companies to understand and navigate a certain regulatory regime that applies to their industry.
Are you anticipating the future and taking action?