And, just as importantly, larger clients have the will and ability to do in - house much of the work currently done
by conventional law firms.
And looking in some detail at the rise of the contract lawyer and the various contract lawyer services (CLS) launched to date
by conventional law firms, the report concludes: «After a slow start, the UK legal profession has begun to embrace the CLS concept with some enthusiasm.
Not exact matches
By conventional measures, the world's top
law firms are some of the most profitable businesses on earth.
Like the punk / indie bands, they are (mostly) young, educated, thwarted
by the established systems (
law firms, government) that seemed to offer them some chance at
conventional success.
They're going to harness the power of online community and much of the work that used to be distributed to
law firms in a
conventional way will be displaced
by a community - based sharing of legal experience.
Outsourcing is potentially disruptive to
conventional law firm business models because it can be done
by in - house legal departments themselves, bypassing the
law firms entirely (Rio Tinto, for example).
An invaluable tool for
law firms of all sizes, Clio overcomes many of the technical hurdles presented
by conventional practice management solutions, allowing lawyers to simplify their workflow and focus valuable time on serving their clients.
Just as the recent global recession upended
conventional wisdom about, say, the immutable
law of nature that residential property values always go up, these
law firms have demonstrated that a
firm can eschew hourly billing and yet grow profitably
by focusing on efficiency, client satisfaction and predictability.
A recent global research study
by Deloitte concluded that
conventional law firms are no longer meeting today's business needs.
It's more like Slater & Gordon, the Australian
law firm that did a public offering a few years ago, than a
conventional big corporate
firm driven
by rainmaking partners.
Unlike
conventional financial services
firms that limit your choices to the products they sell, we open the doors to any investments permitted
by law.