What does the future of the legal market look like? There will be more intense competition among providers, investments in technology will continue to be important as well as collaboration across vendor types will become essential, as we learned at Legalweek New York.
Steve Kolavan and Nicholas Bruch of ALM Intelligence hit upon several trends during their state of the industry presentation in the opening session, including the emergence of collaboration among law firms, alternative legal service providers and other legal tech vendors.
At the Business of Law Forum’s “The Evolution of the Legal Services Delivery Model,” experts looked at how are clients consuming legal services today, and where the law firm fits into it.
Evidence is showing the industry is changing. Speaker Mary Shen O’Carroll, head of Legal Operations, Technology & Strategy at Google, noted there is more focus on law as a business and also pointed to the growth of the Corporate Legal Operations Consortium (CLOC).
Speaker Mark Cohen, CEO of Legal Mosaic and Chief Strategy Officer at Elevate Services, told the audience, “There is a growing separation between the practice of law and the delivery of law as a service.” He and other speakers said that the law firm business model needs to change, but Cohen said the biggest obstacle to real change at law firms is the legal culture.
“GCs and their firms need to think and act like the business,” speaker Mark Smolik, Vice President, General Counsel, Secretary & Chief Compliance Officer at DHL Supply Chain Americas, told the audience.
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