5 trends that are changing the way lawyers do business
There is a huge paradigm shift in the legal industry. There has been a change in the practice of law and those who are not adapting to these changes are soon becoming irrelevant and missing out on the new opportunities that these winds of change are presenting to the industry. This change has left no area of the legal business untouched, from automation to concierge-level client support. Employment opportunities have also plummeted due to technological advances.
• Outsourcing of Legal Processes
The delivery model in the legal industry is a major area affected by this change. The way in which legal services were performed has changed; the new model is now called Legal Process Outsourcing (LPO). With this new legal service model, you can outsource the work of paralegals, lawyers, and other legal professionals to domestic or even overseas providers. You are no longer limited by geography. Legal outsourcing can be done onshore or abroad.
• The industry monopoly is broken
Lawyers used to be the only source of legal knowledge years ago. There was no competition anywhere for them. We all had to reach out to them to have the necessary legal knowledge. This system provided a monopoly for lawyers and law firms who now charge exorbitant fees for consultations or other services. Lawyers were the only source of access to viable legal information for corporations, government entities, and nonprofit organizations.
Today, that traditional way of accessing legal services has been drastically changed by modern technology. This welcome dramatic change has democratized the industry. Legal resources and intelligence are increasingly accessible easily and quickly with a click. People can now access necessary legal knowledge through various technology platforms at little or no cost.
• Globalization
Globalization has radically transformed the way lawyers do business today. The growth of the Internet, key developments in data security, automation of legal processes, and other emerging technology tools have had a major impact on the way legal business is conducted today. Law firms are now expanding beyond the immediate borders; now they can easily collaborate with foreign lawyers. This has brought with it better service delivery and increased productivity. Globalization has reshaped the way legal business is conducted and will continue to shape it for the better.
• Virtual law firms
Today’s legal professionals can do business from anywhere. We have seen an increase in virtual law offices. Thanks to smart mobile devices and modern communication platforms. Lawyers now have an alternative method of doing business at home with flexible work hours. Lawyers can now spend time on family and other personal matters without affecting their work life in any way.
We need to understand how this revolution is taking place and adapt to it instead of falling behind and suffering. If law firms and organizations correctly understand and adopt these changes, they will lead to greater efficiency, productivity, and competitiveness in the global marketplace.