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{{a| | {{a|devil|}}A collection of observations about the prevalent thought leadership on legal industry dynamics | ||
===Thought leadership canards=== | ===Thought leadership canards=== | ||
*'''Legal practice is misaligned with business, and it’s getting worse''': The speed, complexity, scale, and emergence of new risk factors, competition, impact of geo-political changes, rapid advancement of technology, fluid strategic partnerships, and, more recently, the digital imperative have altered business profoundly. The legal industry has responded with hyperbolic lipservice had in reality has made no meaningful effort to bridge the widening gap with its customers.<ref>[https://www.forbes.com/sites/markcohen1/2021/01/11/why-cant-the-legal-function-prove-its-value/ ''Why Can’t The Legal function Prove Its Value?''] — Brian A Cohen, ''Forbes'' (Guest Contribution)</ref> | *'''Legal practice is misaligned with business, and it’s getting worse''': The speed, complexity, scale, and emergence of new risk factors, competition, impact of geo-political changes, rapid advancement of technology, fluid strategic partnerships, and, more recently, the digital imperative have altered business profoundly. The legal industry has responded with hyperbolic lipservice had in reality has made no meaningful effort to bridge the widening gap with its customers.<ref>[https://www.forbes.com/sites/markcohen1/2021/01/11/why-cant-the-legal-function-prove-its-value/ ''Why Can’t The Legal function Prove Its Value?''] — Brian A Cohen, ''Forbes'' (Guest Contribution)</ref> | ||
*'''The legal market has always been a seller’s market but now it’s a buyer’s market''': Market participants each operated within their self-defined market segment and offered little competition to each other (presumably ''between'' each segment). As a result, the legal market was a seller’s market in the sense that the clients – the buyers – had to accept that legal services would be delivered in the rigid and siloed way the providers had always adopted | *'''The legal market has always been a seller’s market but now it’s a buyer’s market''': Market participants each operated within their self-defined market segment and offered little competition to each other (presumably ''between'' each segment). As a result, the legal market was a seller’s market in the sense that the clients – the buyers – had to accept that legal services would be delivered in the rigid and siloed way the providers had always adopted.<ref>[https://www.allenovery.com/en-gb/global/news-and-insights/legal-innovation/the-future-of-the-in-house-legal-function The future of the in-house legal function], [[Allen & Overy]] thought leadership.</ref> IOW: [[this time is different]]. | ||
*'''The legal market has changed so little over the last thirty years that radical change is the only possible outcome now''': | *'''The legal market has changed so little over the last thirty years that radical change is the only possible outcome now''': | ||
*'''The billable hour is Satan’s own handmaiden''': | *'''The [[billable hour]] is Satan’s own handmaiden''': Well it isn’t, is it? | ||
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Latest revision as of 10:42, 15 September 2022
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A collection of observations about the prevalent thought leadership on legal industry dynamics
Thought leadership canards
- Legal practice is misaligned with business, and it’s getting worse: The speed, complexity, scale, and emergence of new risk factors, competition, impact of geo-political changes, rapid advancement of technology, fluid strategic partnerships, and, more recently, the digital imperative have altered business profoundly. The legal industry has responded with hyperbolic lipservice had in reality has made no meaningful effort to bridge the widening gap with its customers.[1]
- The legal market has always been a seller’s market but now it’s a buyer’s market: Market participants each operated within their self-defined market segment and offered little competition to each other (presumably between each segment). As a result, the legal market was a seller’s market in the sense that the clients – the buyers – had to accept that legal services would be delivered in the rigid and siloed way the providers had always adopted.[2] IOW: this time is different.
- The legal market has changed so little over the last thirty years that radical change is the only possible outcome now:
- The billable hour is Satan’s own handmaiden: Well it isn’t, is it?
See also
References
- ↑ Why Can’t The Legal function Prove Its Value? — Brian A Cohen, Forbes (Guest Contribution)
- ↑ The future of the in-house legal function, Allen & Overy thought leadership.