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Speedometer with needle racing through the words Revolution, Change, Shake it Up, Status Quo and Stagnation

“Change or die.”

How many times have you heard that over the last eight years?

A friend of mine in the legal industry pointed that out to me yesterday, along with commenting that it always sounds so dire. And it does sound dire.

But after the statistics that we covered in last week’s post (1/3 of clients are openly dissatisfied with their outside counsel, chief legal officers rank firms at a 3 on a 1 to 10 scale for commitment to change, and clients are moving their legal work to other firms or to nonfirm vendors), it would seem that we should be properly incentivized to speed up the pace of change. From the Peer Monitor/Georgetown 2016 Report on the State of the Legal Market, which cautioned BigLaw against a “Kodak moment”

[A]s in the case of Kodak, the challenge is that firms are choosing not to act in response to the threat, even though they are fully aware of its ramifications.”

So what’s holding us back? 
Continue Reading Change: What’s Holding Us Back?

iStock_000011353685_LargeThe “law firm of the future.”

We’ve spent a lot of time talking about this in recent months, not because I find it to be interesting (which I do), but because other than my “Instagram for Lawyers” post, this has been the hottest topic on Zen this year. I had a conversation with a senior partner at a law firm last week, who asked me “How do we communicate to people that the future is NOW?” His firm has been embracing these “futuristic” policies for a number of years, and recognizes that change in the industry is not happening fast enough.

In May, Altman Weil published the 8th edition of their “Law Firms in Transition” survey, which polls the managing partners and chairs at 800 US law firms with 50 or more lawyers (this year’s survey received 356 respondents from 49% of the 350 largest US law firms). If you haven’t already read at least the executive summary for this survey, I highly encourage you to take a look through it. In the midst of the second quarter of this year, Altman Weil said:

Are law firms still in transition in 2016? We think so, although the pace of change can seem modest. Despite pockets of true innovation, most firms are choosing to proceed with lawyerly caution in the midst of a market that is being reinvented around them.”

Yikes.

A bunch of a hoopla about nothing? We’ll get to that in a minute. 
Continue Reading Law Firms: The Future is NOW

photo-1468645547353-56d325bb57ffWe’ve spent several weeks addressing the potential characteristics that the lawyers and law firms of the future will require in order to be successful. Today, we look at the last two contributors to High Q’s book on Smart Law and the Law Firm of the Future, but I invite all of you to continue to consider these issues and discuss them – particularly give some thought to whether the contributors missed anything you see as essential to law firms in the future and where you see our profession headed.

And what’s next? We’ve been looking at sort of where we’ll be in five or ten years, but not what the incremental steps will be to get there. So what is the first thing that firms and lawyers need to be doing in order to prepare themselves to be an effective law firm of the future? Is it embracing new technologies? Is it a shift in mindset at the leadership levels of the firm (or is that already happening)? Is it bringing in strong teams of professionals, not just lawyers? Are all of those things already taking place to some extent at many firms, and we just need to accelerate them?

What’s next?
Continue Reading Law Firm of the Future: Are You Ready?

photo-1470093309323-be5043d91fa6 (1)Last week, we considered the idea that maybe the law firm of the future was going to have to start from scratch in order to really generate change that matters. On LinkedIn, one commenter saw this as an opportunity for smaller firms to grab marketshare from BigLaw, as they are able to be more nimble and agile in a changing market, while one of the ILN’s members wondered how mid-sized firms, particularly in emerging markets, are able to properly prioritize the changes that clients want and need.

I tend to agree that where some may see change as a challenge, it does present a huge opportunity, especially for some smaller and mid-sized firms, but it not only requires us to ask some tough questions and take a critical internal look, it also means that we need to work collaboratively. When we work together – not just within our firms and organizations, but within the industry – we’re able to better identify both the questions and challenges AND the answers and solutions to these issues. We’ve talked before about how the law firm of the future will embrace a more collaborative approach, but I see the industry overall as taking on a more collaborative tone – without giving away any trade secrets, we can all work together to make the industry stronger and more client-centric. 
Continue Reading Law Firm of the Future: Deeper Discussions Sought Here

photo-1477414348463-c0eb7f1359b6Up until this point, as we’ve looked at the “law firm of the future,” we’ve mostly focused on the idea that we can take what we’ve been doing and adapt or tweak it in some way, so that we can continue on our paths and just improve ourselves. We’ve talked about embracing technology, making things better, using all of our people instead of just lawyers to be innovative and remain curious. And of course, none of these things are wrong. But are they too comfortable?

Are we just putting duct tape over a hole in our tire, instead of taking the tire off and putting on a new one?

What if truly being a law firm of the future means throwing out everything we know, and starting at the beginning?

  • Looking at the client’s point of view, and finding out what really works for them and never considering how we’ve always done things – in terms of processes, billing, staffing, etc.
  • Running our firms as businesses and not as partnerships.
  • Fully embracing technology as an integral part of our team, and how it can drive that business, instead of a necessary evil?

These are the challenges given to us by the two contributing authors that we’re examining from HighQ’s book on Smart Law and the future of the law firm today.

I’m as guilty as the next person of wanting to change the least amount possible to achieve the maximum gains – that way, I can stay pretty comfortable while still pleasing the people that matter.

But what if we didn’t do that? What if we were brave and effected real change? 
Continue Reading Law Firm of the Future: Get Ready to Change

photo-1461532257246-777de18cd58bThe law firm of the future continues to be a hot topic of discussion, not just here on Zen, but among lawyers around the world. Both at our recent ILN European Regional Conference and the Association of International Law Firm Network’s (AILFN) Inaugural Summit, the questions of “what comes next?” and “how do we prepare for it?” were on the tips of everyone’s tongues.

So I want to check back in on our series looking at what some of the industry’s experts had to say when asked:

What do you believe lawyers and law firms need to do to prepare for the future of legal services?”

You’ll remember that their answers were pulled together in an eBook by HighQ on Smart Law, available here.

The two thought leaders we’re looking at today both consider people to be at the center of the law firm of the future – which will be a relief to those lawyers who might be concerned that robots are about to take over their jobs. But we can all agree that while technology is still going to play a huge role in the next phase of the legal industry (and does already), the people are – and will always be – at its core. 
Continue Reading Law Firm of the Future: It’s About the People

photo-1448220140720-53ea5ddbd54a“What they really need is leadership willing to make decisions.” 

That’s what one reader feels is going to be required of the law firm of the future. And that’s true, isn’t it? Although it’s inherent in some of the responses we’ve seen from the authors included in HighQ’s book on Smart Law – in order to make changes and be ready for the future, you have to have curiosity and open-mindedness, a level of comfort with innovation. But really, you have to have guts.

It reminded me of the phrase clients have been using for years – “Change or die.” I’ve blogged about it before, so I searched Zen to see where it came up – and you might be surprised to see that we’ve been talking about this for six years already:

We keep talking about changing or dying, and sometimes, changing an industry like the legal industry is like turning an ocean liner – it takes time. Will we see the monolithic shifts in the industry that we hope to in the next five years? The next ten? That remains to be seen. But we do need bold, strategic thinkers with varied characteristics and guts to be leading the charge. As Will Rogers said “Even if you’re on the right track, you’ll get run over if you just sit there.”
Continue Reading Law Firm of the Future: Move it or Lose It

photo-1457528877294-b48235bdaa68We continue to delve into the characteristics that will make up the most successful lawyers of the future. Last week, it was curiosity, innovation, open-mindedness, and a willingness to learn, which all really overlap. Today, we’ll look at what two more of the leaders in HighQ’s book on SmartLaw had  to say in answer to the question:

What do you believe lawyers and law firms need to do to prepare for the future of legal services?”

Continue Reading The Law Firm of the Future Will Need a Perfect Storm

photo-1447433865958-f402f562b843A couple of weeks ago, I shared HighQ’s eBook on Smart Law, addressing the question “What do you believe lawyers and law firms need to do to prepare for the future of legal services?” My response to their question is that firms need flexibility, and today and over the next few months, I want to look at what some of the other contributors consider to be essential to the future of the legal industry.

As I’m sure we all have our own thoughts on where the industry is headed and why, don’t be shy about sharing your answers to HighQ’s question in the comments, and responding to what the other contributors had to say as well! 
Continue Reading The Right Way to be a Lawyer of the Future

Young woman loking at virtual graphics in futuristic background

A few months ago, I was contacted about SmartLaw.

SmartLaw is the idea that there are three keys to a law firm’s success – their clients, their culture and the intelligent use of technology (this is per HighQ, a technology company who provides enterprise collaboration, file sharing & content publishing solutions to leading law firms, corporate legal teams, and banks). About SmartLaw, they said:

It’s no longer news that the business of law is changing. Business structures, billing models, and even client expectations are very different than they were just a few short years ago.

The way firms compete and who they compete with; the staff they employ, or choose to outsource, and where in the world they’re located; and the importance of business analytics and big data are all relatively new concerns in law.

No matter where your firm is at now, SmartLaw is about mastering the fundamentals to make sure you stay competitive in the future.”

We know that the business of law has been, and is changing – though there’s still some disagreement about whether there’s total “disruption” or just a gradual shift. But either way, most of us can agree that things are different today than they were 10 years ago. Even five years ago. 
Continue Reading Are You Ready for the Future of Legal Services?