Published: 06 September 2019
Author: Oliver Werneyer
Legal expertise is usually accessed via traditional channels like law firms, lawyers and paralegal firms. To be effective, relevant and attractive, these services are offered either in a broad setup (large offices and vast areas of expertise) or small offices with tailored capabilities.
With new entrants in the market and an evolving sense of accepted remuneration and charging models for customers, the legal fraternity is on the cusp of finding new business models. These allow firms to generate new business, deliver better service and charge an appropriate fee, ultimately boosting profitability. Additionally, new models further develop the capabilities within the profession to address the rapidly evolving landscape of uncertainties and opportunities.
The future of the fraternity will be driven by technology itself, as well as the new business models enabled by it. One major development here will be the offering of staged micro-services and bespoke cost for these services. Many people and companies have questions that should be informed by a legal opinion, but the required level of expertise and response speed vary. Portals are emerging where customers can submit their questions and indicate urgency and expertise needed for the answer, thereby controlling the costs incurred.
Furthermore, this will allow a much more frequent engagement with the legal community for more sound decision-making. It will also enable law firms to hire junior team members at a lower cost and give them the opportunity to gain experience by engaging with the community and provide help online. It’s a great way for companies to reduce cost, juniors to earn more, pick up expertise and citizens to get an easier access to legal advice for better decisions.
The future of legal is inclusive, at a lower cost and more revenue.
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