There has been talk for years about the impending changes coming to the legal industry. The traditional private law firm structure elicits complaints from lawyers and clients alike, though perhaps for different reasons.
We are seeing the disruption of various industries through technology (e.g., Uber, Airbnb). Why should the legal industry be immune.
A report entitled “Disruptive Innovation: New Models of Legal Practice” discusses some of the ways traditional law firms are being challenged.The lengthy report is well worth the read.
The models discussed in the report are putting downward pressure on legal costs, but they have not yet eliminated the need for lawyers completely.
That said, I predict that within the decade new technologies will replace many of the functions lawyers are currently paid to do. Will you be prepared?