Will Rogers once said, “Even if you are on the right track, you’ll get run over if you just sit there.” He was not talking about the legal industry, but his humorous quip is something that law firm leaders should be mindful of when they are developing their strategic plans because most industry analysts agree that the demand for legal services as a whole, which has been flat for several years, does not appear to be improving anytime soon. In fact, Thomson Reuters Peer Monitor Index (PMI) found that the demand for legal services was negative in the latter part of 2016. This means that most firms (and lawyers) are finding it hard to grow organically.
The reasons for this flat to negative demand for legal services is the subject of many articles and books. Richard Susskind is one of these authors and he has written several books on the future of the legal profession—one being “Tomorrow’s Lawyer.” Susskind writes about factors that have led and will continue to lead to obstacles when it comes to resolving the growth challenges in the legal industry. Susskind identifies technology and client-driven cost pressures as two of the primary reasons why the demand for legal services is not growing.
This content has been archived.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]