X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

At any given time around the world, organisations, industries and even countries find themselves facing a number of influences that contribute to their evolution. For convenience, these influences can be categorised into political, environmental, economical, technological and societal factors. The legal profession has long met the demands of ‘survival of the fittest’ by reacting to changes as they develop. Some industry leaders are now identifying the need for law firms and others in the legal industry to more proactively anticipate the future and modify their practices to fully maintain or even build their competitive position in the market.

Knowing this, a group of legal and business thought leaders conducted a pioneering study of the global legal industry to identify the key trends and uncertainties likely to impact the legal profession over the next decade. The Legal Transformation Study: Your 2020 Vision of the Future, published by Decision Strategies International and Legal Research Center, resulted from scores of in-depth interviews conducted throughout 2007 and 2008 with senior partners at law firms, executives at corporate law departments and senior management at legal service supplier organisations.

The study identifies four strategic planning scenarios for how legal services may be delivered in 2020. The four scenarios – bluechip mega-mania, expertopia, e-marketplace, and techno-law – reveal multiple opportunities for mid-sized and independent law firms as a result of emerging key trends.

In the study, ‘trends’ are defined as important developments or forces that will continue in their current directions throughout this period. Trends can be predicted through demographics, economic projection and other shifts that are unlikely to stop or reverse themselves regardless of how key uncertainties play out. Throughout the research, 11 long-term trends were identified, including:

This premium content is reserved for
Legal Week Subscribers.
Subscribe today and get 10% off.

A PREMIUM SUBSCRIPTION PROVIDES:

  • Trusted insight, news and analysis from the UK and across the globe
  • Connections to senior business lawyers within the leading law firms and legal departments
  • Unique access to ALM's unrivalled, market-leading reporting in the US and Asia and cutting-edge research, including Legal Week's UK Top 50 and Global 100 rankings
  • The Legal Week Daily News Alert, Editor's Highlights, and Breaking News digital newsletters and more, plus a choice of over 70 ALM newsletters
  • Optimized access on all of your devices: desktop, tablet and mobile
  • Complete access to the site's full archive of more than 56,000 articles

Already have an account?

For enterprise-wide or corporate enquiries, please contact Paul Reeves on Preeves@alm.com or call on +44 (0) 203 875 0651

 

Legal Week Newsletters & Alerts

Sign Up Today and Never Miss Another Story.

As part of your subscription, you can sign up for an unlimited number of a wide range of complimentary newsletters and alerts. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2018 ALM Media Properties, LLC. All Rights Reserved.