New Directions in Legal Services (eBook)

John Alber, Martyn Caplan, Joanna Goodman, Christie Guimond, Markus Hartung, Debbie Epstein Henry, Fleur Kitchingman, Chrissie Lightfoot, Janvi Patel, Mike Polson, Michael Roster, Richard Tapp, Emma Ziercke (Autoren)

Laura Armentano (Herausgeber)

eBook Download: EPUB

2021
102 Seiten
Globe Law and Business Ltd (Verlag)
978-1-78742-606-1 (ISBN)

Infos

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

Inhalt

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .vii
About the authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi
Chapter 1: Why the developments to the competence divide (and not
the digital divide) will make or break the law fi rm business model . . . . . . . . . .1
By Emma Ziercke, research assistant, and Markus Hartung, director, at the
Bucerius Center on the Legal Profession (CLP) at the Bucerius Law School
From information asymmetry to the closing competence divide:
An elusive aspect of the law fi rm paradigm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
How legal technology will change the business of law . . . . . . . . . . . . . . . . . . . 3
Is legal technology really changing the law fi rm model? . . . . . . . . . . . . . . . . . 5
Information equilibrium, but in a dynamic market? . . . . . . . . . . . . . . . . . . . . . 9
Chapter 2: AI and fi ve new business models for legal services . . . . . . . . . . . .11
By Joanna Goodman, writer, editor, and IT columnist for the Law Society
Gazette and the Guardian Media Network
New business model 1: The lawtech start-up . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
New business model 2: The legal chatbot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
New business model 3: Online legal advice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
New business model 4: The legal platform as a service . . . . . . . . . . . . . . . . . 19
New business model 5: The legal engineer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Chapter 3: What is the next big thing for legal services? . . . . . . . . . . . . . . . . 23
By Chrissie Lightfoot, CEO of Robot Lawyer LISA and CEO of Entrepreneur
Lawyer Limited
Suspicions and reinventions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
From AlphaGo to AlphaLaw? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Four aspects of legal services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Time equals money . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Contents
New-Directions_RO_2017.indd iii ew-Directions_RO_2017.indd iii 27/07/2017 13:23 7/07/2017 13:23
Evolving legal artifi cial intelligence from carthorse to racehorse . . . . . . . . . 28
Inviolable lawyers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Paper-pusher pushout . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Renovating private practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Chapter 4: The missing ‘E’ in legal innovation . . . . . . . . . . . . . . . . . . . . . . . . . . 33
By John Alber, futurist at the International Legal Technology Association
Innovation talk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Apple innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34
Design Thinking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
A new model? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
Chapter 5: The evolving legal talent pool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
By Debbie Epstein Henry, founder of DEH Consulting, Speaking, Writing
Chapter 6: Rethinking pricing and profi tability . . . . . . . . . . . . . . . . . . . . . . . . . 45
By Michael Roster, co-chair of the Association of Corporate Counsel’s Value
Challenge steering committee; previously managing partner of Morrison &
Foerster’s Los Angeles offi ce and GC of Stanford University
The historical problem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Use of market data to determine pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Matrix budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
The three Es . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
Multi-disciplinary practices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
Chapter 7: A new business model for a sustainable future . . . . . . . . . . . . . . 51
By Martyn Caplan, founder and director of Lawyers Inc.
The traditional legal model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
Potential threats to the fi nancial stability and future of a legal practice . . 52
Creating a different business model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
It’s good to talk – and we will listen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
Chapter 8: Evolving business models in legal services . . . . . . . . . . . . . . . . . . . 59
By Janvi Patel, executive chairwoman and founder of Halebury
Traditional law fi rms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
The in-house model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Unbundling legal services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Our evolution – The Halebury model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Next stage of the evolution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
New-Directions_RO_2017.indd iv ew-Directions_RO_2017.indd iv 27/07/2017 13:23 7/07/2017 13:23
New Directions in Legal Services
Chapter 9: Law fi rm-client collaboration through the managed legal
network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
By Richard Tapp, company secretary and director of legal services,
Carillion plc and Fleur Kitchingman, senior vice president of legal and
corporate secretary, Carillion Canada
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Agenda for change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Our aspirations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Our processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Reflections on collaboration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Chapter 10: Business model innovation – Implementing and
sustaining change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
By Mike Polson, director of Ashurst Advance and co-head of innovation at
Ashurst, and Christie Guimond, R&D strategy manager at Ashurst Advance
Drivers for change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
Traditional Big Law vs Evolving Big Law models . . . . . . . . . . . . . . . . . . . . . . . . . 78
The evolving business model in practice – Ashurst Advance . . . . . . . . . . . . . . . . . . 80
Implementing and sustaining change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
Parallels from the past? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Produkt-Details

• Erscheint lt. Verlag: 31.7.2021
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Allgemeines / Lexika
• Themenwelt: Recht / Steuern ► EU / Internationales Recht
• Themenwelt: Recht / Steuern ► Privatrecht / Bürgerliches Recht ► Berufs-/Gebührenrecht
• Schlagworte: Legal services, Business services, New Law, Technology
• ISBN-10: 1-78742-606-8 / 1787426068
• ISBN-13: 978-1-78742-606-1 / 9781787426061