Future of the Legal Profession: Two Different Points of View
Interesting to note the disparate views expressed in two articles I read today.
Richard Susskind, leading legal evangelist, prophesier, technology guru, and renowned authority on future trends impacting the legal profession, provided the keynote address at this year’s ABA Techshow in Chicago. Legal Blog watch expertly sums up Professor Susskind’s session and I encourage you to check out Robert Ambrogi’s excellent posting. I will however paraphrase the main points:
• The current economic crisis will fundamentally alter the legal terrain.
• Clients want more for less. i.e. more legal services for less cost.
• Collaborative social networking tools will transform the delivery of legal services.
• Legal services are being commoditized.
• Legal services are being unbundled with constituent tasks outsourced.
• Advances in technology will fundamentally alter the delivery of legal services.
• The delivery of legal services will fundamentally change.
On the other hand, Morrison & Foerster Chairman, Keith Wetmore, clearly does not subscribe to the increasingly prevalent view, that the current economic downturn will leave the world’s top law firms irrevocably changed. The MoFo Chairman is quoted in thelawyer.com as stating that:
“I think it’s wrong to say things have fundamentally changed”
According to the article Mr. Wetmore’s position can be summarized as follows:
• The economy will grow again and when it does clients will need lawyers to advise on that growth.
• The basic law firm model will continue largely unchanged.
• Law firms’ operating models are based on a number of assumptions, one of which is annual attrition at circa 20-23%.
• Current layoffs are a result of a slackening in demand for legal services coupled with a halt in attrition.
• 85% of a law firm’s expenses are salaries and rent.
Mr. Susskind is preaching to the choir as far as I’m concerned. What I find illuminating however, is the faith demonstrated by Mr. Wetmore in the traditional law firm modus operandi. Maintenance of the operational status quo is apparently an option. This is despite 85% of operating expenses being salaries and rent, and a recognition that to function effectively, not only must there be a growing economy, but also ongoing high rates of attrition.
Richard Susskind, leading legal evangelist, prophesier, technology guru, and renowned authority on future trends impacting the legal profession, provided the keynote address at this year’s ABA Techshow in Chicago. Legal Blog watch expertly sums up Professor Susskind’s session and I encourage you to check out Robert Ambrogi’s excellent posting. I will however paraphrase the main points:
• The current economic crisis will fundamentally alter the legal terrain.
• Clients want more for less. i.e. more legal services for less cost.
• Collaborative social networking tools will transform the delivery of legal services.
• Legal services are being commoditized.
• Legal services are being unbundled with constituent tasks outsourced.
• Advances in technology will fundamentally alter the delivery of legal services.
• The delivery of legal services will fundamentally change.
On the other hand, Morrison & Foerster Chairman, Keith Wetmore, clearly does not subscribe to the increasingly prevalent view, that the current economic downturn will leave the world’s top law firms irrevocably changed. The MoFo Chairman is quoted in thelawyer.com as stating that:
“I think it’s wrong to say things have fundamentally changed”
According to the article Mr. Wetmore’s position can be summarized as follows:
• The economy will grow again and when it does clients will need lawyers to advise on that growth.
• The basic law firm model will continue largely unchanged.
• Law firms’ operating models are based on a number of assumptions, one of which is annual attrition at circa 20-23%.
• Current layoffs are a result of a slackening in demand for legal services coupled with a halt in attrition.
• 85% of a law firm’s expenses are salaries and rent.
Mr. Susskind is preaching to the choir as far as I’m concerned. What I find illuminating however, is the faith demonstrated by Mr. Wetmore in the traditional law firm modus operandi. Maintenance of the operational status quo is apparently an option. This is despite 85% of operating expenses being salaries and rent, and a recognition that to function effectively, not only must there be a growing economy, but also ongoing high rates of attrition.
posted by Mark Ross at
4:57 PM
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