The Future of Delivering Legal Services: An Opportunity for BigLaw
Technology and Innovation Partner Joe Dewey wrote an article for CIOReview on the future of the legal industry and how law firms deliver their services. Mr. Dewey describes how the traditional business model for firms has continued to receive pressure to seek alternative ways to increase revenue. Mr. Dewey continues by discussing the historic lag by law firms in adopting an engineering approach to problem solving due to several factors, including a misalignment of incentives stemming from traditional hourly billing, a cartel structure that effectively regulated the number of lawyers in the industry, and successive generations adopting the same company culture. Mr. Dewey believes that culture has remained unchanged for decades, but as younger attorneys who are unwilling to sacrifice quality of life enter the law firm world, this culture will need to soften. He also addresses the opportunity for firms to assess their technology and invest in techniques that will ultimately improve profits.