The storm isn’t coming—it’s here. Since the U.K. Solicitors Regulation Authority first allowed law firms under its jurisdiction to accept equity from nonlawyers back in 2012, debate has raged about whether the United States should do the same. The fallout from those decisions threatens to have huge ramifications for the legal profession, but when it comes to the way law firms are engaging with technology and disruption, nonlawyer ownership is more of an accelerant than the spark lighting a “Mission: Impossible”-style fuse.
For starters, even without any game-changing ownership on the table, the U.S. legal industry is already changing. That disruption isn’t being driven by regulatory evolution, but rather by the age-old maxim that the customer is always right. Factors ranging from the rise of the legal operations professional to a trend that sees corporate law insourcing e-discovery, litigation and other technology-related tasks have given rise to a newly sophisticated client base—one that expects a more innovative approach to law firm services across the board.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]