The great strategic transformation of law firms is underway. And there will be no going back! This is why we offer you in a series of articles reflect on the evolution of the legal profession.
The great strategic transformation of law firms
Our title, “The great strategic transformation of law firms”, is an obvious nod to the work by Me Thierry Wickers entitled “The great transformation of lawyers” and published in 2014. This book raised awareness of the challenges ahead for the profession. Thanks to its quality and wide distribution, lawyers have identified the changes underway.
It also refers to the work “The Great Transformation”, by Karl Polanyi, published 70 years earlier, in 1944. The author shows the relentless progression of the market in all economic sectors (markets for goods, services, capital, land, people). He explains the essential role that political authorities must play in finding the balance between regulation and market, traditions and changes.
Introduction
It is in the light of these references that it is relevant for us to reflect on the great strategic transformation of law firms. The developments affecting the legal profession are not only relentless, but also profoundly disruptive. A simple upgrade to the way you work is likely to be insufficient to take advantage of the changes. It is therefore a question of transforming the practice of the profession and therefore its organization.
A certain number of pressures have been exerted on the legal profession for several years. We can cite deregulation, increasing customer demands, technological innovation, etc. Theanalysis of the forces of change at work will constitute the first part of this work.
We will then do identify major issues that law firms must face. What are the paths that the profession can take to benefit from these developments? What are the risks ?
In a third part we will propose concrete solutions. There is no shortage of examples of action, but not all of them are necessarily adapted to the needs of firms.
On the methodological level, we will base our analysis on two axes. First, recent reports from the profession, in France and abroad, will serve as a basis for our reflections. Then, our own knowledge of the market, thanks to our presence in the United States, Europe and emerging countries will allow us a broader understanding of the changes at work.
This approach, both inductive, starting from the field, and deductive, arising from theory, will make it possible to truly achieve “The great strategic transformation of law firms”.
A taste of reflection, by the Xerfi Previsis institute
The analysis will be detailed in various articles published in the coming weeks. Until then, find below a summary of Xerfi Previsis on digital transformation in business firms.
The technological revolution is underway in business law. Already, the bottom of the market, that is to say the small business segment, is being attacked by #LegalTech who are taking advantage of the commoditization of legal services according to the Xerfi study.
