The U.S. legal market is estimated to be greater than $400 billion annually, of which law firms and in-house legal departments currently account for more than 99 percent. But alternative legal service providers and legal technology companies have been capitalizing on the massive opportunity for growth in the legal industry—both by supporting and supplanting traditional providers. Attorneys have a unique opportunity to join that wave by transitioning from the practice of law to the business of law.
Law is unquestionably a profession: It requires years of study, passing the bar examination, and approval by a state’s bar association. But, ultimately, clients care more about the cost and end result of their brushes with the legal system than they do about the practice of the law. Law too often fails as a business. For large corporations, legal spending is seen as a waste of resources: millions of dollars poured into an opaque, uncertain and inefficient process. Individuals also prefer to avoid the legal system entirely, and, by the time they find they cannot, finding the right legal resource is like throwing darts, with no way to evaluate their options or the budget being proposed.
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