New Directions in Legal Services

Legal Profession

New Directions in Legal Services

By Laura Armentano
Ark Group August 2017

Specifications

ISBN-13
9781783582983
Publisher
Ark Group
Publication
August 2017
Format
Paperback
Jurisdiction
U.K. ? Countri(es) for reference only

Details

Legal services providers today need to innovate in their business models, delivery methods, and moreover in their value propositions in order to compete against competition coming in all shapes and sizes (and from unexpected quarters).

New Directions in Legal Services examines the fast pace of change in the legal services sector, driven in part by new technologies, and considers what the future holds.

We also look at some examples of new business models and service delivery methods that are disrupting the market, and the new approaches to pricing and profitability that are necessary to support new ways of working and delivering legal services.

With research, insight and real world case studies from law firm leaders, NewLaw pioneers, in-house counsels, academics, consultants, and legal futurists New Directions in Legal Services covers:

  • The impact of technology on the traditional law firm business model
  • New business models altering the legal services landscape, driven by AI and emerging technologies
  • Moving beyond AI and CC, what is the next big thing for legal services?
  • How Design Thinking can be applied to legal service design
  • The evolving legal talent pool
  • Rethinking pricing and profitability to support new ways of delivering legal services
  • Umbrella models for law firms
  • Unbundling legal services and new options for in-house teams
  • Law firm-client collaboration through the managed legal network
  • Business model innovation – Implementing and sustaining change
The message to the legal sector could not be clearer: innovate or die. New Directions in Legal Services clearly outlines how individuals, law firms, and legal departments are accepting the challenge and are innovating alongside the New Law service providers that have taken root in the industry to provide a growing array of options for lawyers and clients.

Table of Contents

Chapter 1: Why the developments to the competence divide (and not the digital divide) will make or break the law firm business model
From information asymmetry to the closing competence divide: An elusive aspect of the law firm paradigm
How legal technology will change the business of law
Is legal technology really changing the law firm model?
Information equilibrium, but in a dynamic market? 

Chapter 2: AI and five new business models for legal services
New business model 1: The lawtech start-up
New business model 2: The legal chatbot
New business model 3: Online legal advice
New business model 4: The legal platform as a service
New business model 5: The legal engineer

Chapter 3: What is the next big thing for legal services? 
Suspicions and reinventions
From AlphaGo to AlphaLaw?
Four aspects of legal services
Time equals money
Evolving legal artificial intelligence from carthorse to racehorse 
Inviolable lawyers
Paper-pusher pushout
Renovating private practice

Chapter 4: The missing “E” in legal innovation
Innovation talk
Apple innovation
Design Thinking 
A new model? 

Chapter 5: The evolving legal talent pool

Chapter 6: Rethinking pricing and profitability 
The historical problem
Use of market data to determine pricing
Matrix budget
The three Es
Multi-disciplinary practices

Chapter 7: A new business model for a sustainable future 
The traditional legal model
Potential threats to the financial stability and future of a legal practice
Creating a different business model
It’s good to talk – and we will listen

Chapter 8: Evolving business models in legal services
Traditional law firms
The in-house model
Unbundling legal services 
Our evolution – The Halebury model
Next stage of the evolution
Conclusion

Chapter 9: Law firm-client collaboration through the managed legal network
Introduction
Agenda for change
Our aspirations
Our processes
Reflections on collaboration

Chapter 10: Business model innovation – Implementing and sustaining change
Drivers for change
Traditional Big Law v Evolving Big Law models
Case study: The evolving business model in practice – Ashurst Advance
Implementing and sustaining change
Parallels from the past?
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