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Alternate business structures are
already being accepted, and they will not
have the limiting mindset a lot of law firms
have where they think this is a profession
and not a business. This brings the
medical profession to mind. We're seeing
"minute clinics" and 24-hour urgent care
facilities pop up everywhere, and medical
care is even being delivered via Skype.
There has been a tremendous amount of
change there. Legal isn't far behind.
Toby: Law firms will need to act like
a business by then. Client satisfaction
must be at the forefront as we move into
that phase of the market's evolution.
Continuous improvement and product
innovations are important aspects of
maintaining client satisfaction. In terms
of innovation, think of proactive, risk-
reduction offerings that law firms rarely
serve up to their clients.
Angela: In 2040, stakeholders and
rainmakers will have different cultural
backgrounds, and law firms will be much
more agile and responsive to client needs.
Matters will be much more collaborative
and better managed. Many tasks attorneys
do today will be automated or even
self-service from the client perspective.
There will be greater transparency,
forcing firms to continuously refine their
processes. I also see less stratification of
attorneys, less emphasis on the big corner
office, which will go hand-in-hand with
increased collaboration, both internally
and externally. That will tie to there being
a larger respect and reliance on the skills
of the professional staff to manage the
business of law.
Alison,
Moneypenny
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