The future of the law firm in the twenty first century

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The Future of the Law Firm in the Twenty-first Century Kowalski & Associates

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A history of the legal profession from the last quarter of the Twentieth century through today, with a view of what lies ahead.

Transcript of The future of the law firm in the twenty first century

Page 1: The future of the law firm in the twenty first century

The Future of the Law Firm in the Twenty-first Century

Kowalski & Associates

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Our Inspiration

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20th Century Growth

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The Last Quarter of the 20th Century

• 8% annual growth compounded• 87% of US firms had branch offices• 23 law firms had more than 1,000 lawyers• 100 law firms had PPP over $1,000,000

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The Bubble Bursts

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Fallout• Legal sector loses more

than 35,000 jobs• More than 10,000 lawyers

displaced• Vast reductions in legal

spend

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New Billing Models

• Alternative fee arrangements proliferate• Specialty boutiques• Commoditization• Reduction in premium work

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The Pie• Shrinking•More players looking for slices

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Alternative Fee Arrangements

• Fixed Fees• Portfolio Pricing• Contingency• Reduced Hourly + Premium on successful

conclusion• Convergence

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New Law Firm Models

• Reduced headcounts• Reduction in

partnership opportunities

• Increased globalization• Three tier associate

ranks

The pyramid is disappearing

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Competition• Law Firms competing with

corporate law departments• Law firms competing with

LPO’s• “Make” or “buy” decisions

The battle for the legal spend

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Competition

• Mid-size firms • Specialty boutiques• Staffing companies• LPO’s

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Competition• Outsourcing• Down sourcing• In sourcingThe battle for the litigation spend

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The Future

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Capital

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The future

• Increased Competition• Downsourcing, in sourcing, outsourcing• Technology• Make or buy decisions at every step of the

way

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The Future - Competition

• General counsel • Outside BigLaw• Midsize law firms• LPO’s• Staffing companies• Virtual law firms• Specialty boutiques

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New Billing Models

• Project based• Piece Work• Capitation• Hourly• Subcontracting – directed or counsel selected

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The Law Firm as General Contractor

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© Copyright, Jerome Kowalski, June 2011. All Rights Reserved


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