Trends in The Legal Industry: A Look into 2020
The technological transformation in the legal industry will continue to expand in 2020.
According to law.com’s article, “'Revolutionary Changes' Coming to Legal Industry, Report Finds,” the key trends will include: the changing role of clients, the emergence of non-law firm legal competition and law firm innovation in response to those shifts. We expand on these key trends below.
· Clients’ changing role – We have mentioned in previous blog posts that the overall client’s role in the legal industry is transforming. Communication and face-to-face interactions are more important than ever.
“Some firms have increased the number of business professionals in the C-suite, and many now have a chief operating officer, chief financial officer, HR director, chief technology officer and others who interact more frequently with client-facing teams or clients themselves.”
· Outsourcing/non-law firm legal competition – Some law firms that struggle to keep up with the technological transformation are outsourcing more work –
“particularly e-discovery, nonlegal research, litigation and investigation support, document review and coding and legal research.”
· Law Firm Innovation – It makes sense that with the technology transformation, law firms will expand their technology driven departments.
“In the previous year, firms are increasing their head counts—largely in the technology transactions and licensing, general corporate and M&A practice areas—while patent litigation, bankruptcy and regulatory practices are shrinking in size.”
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