George Beaton | Ross Dawson
This article first appeared on Remaking Law Firms
Here’s the first evidence based on projections of market share showing why BigLaw firms must start remaking their business model now. And by implication, the consequences of not doing so.
Where the market shares of the major players in the legal services industry are headed in the next 10 years makes a major and urgent case for traditional commercial and corporate law firms to act sooner rather than later.
This report sets out the research underpinning our conclusion that firms based on the BigLaw business model must start remaking now. Later publications will explore differences between regions and speculate how the different types of legal services provider will fare over coming years.
Professional services are a critical and fast-growing sector of the economy. It’s important for everyone, not just people in the industry, to think about their future and the forces that may influence them in the next decade.
To address this topic, Future Exploration Network and Beaton Capital recently ran the conference Clients and Firms of the Future: How to Compete, co-facilitated by Ross Dawson and George Beaton. The highly participatory event was an opportunity to learn from the foremost experts in the field. The main themes of the conference included the future of professional firms’ clients, the impact of digital technology on the industry, and future of business models and competition.