5 Trends That Are Changing The Way Lawyers Do Business

There is a huge paradigm shift in the legal industry. There has been a change in the practice of law and those who are not adapting to these changes are soon becoming irrelevant and missing out from the new opportunities these wind of change is presenting to the industry. This shift has not left any area of the legal business untouched from automation to concierge-level support of clients. Employment opportunities have also plummeted because of technological advancements.

• Legal Process Outsourcing

The delivery model in the legal industry is a major area affected by this change. The way legal services were carried out has changed; the new model is now called Legal Process Outsourcing (LPO). With this new model of legal service you can outsource the work of paralegals, attorneys and other legal professionals to vendors domestically or even overseas. You are no more limited by geography. Legal outsourcing can be done onshore or offshore.

• Monopoly of The Industry is Broken

Lawyers used to be the only source for legal knowledge years ago. There was no competition anywhere for them. We all had to reach them to have whatever legal knowledge needed. This system provided a monopoly for lawyers and law firms who now charge exorbitant fees consultations or other services. Lawyers were the only source for corporations, government entities and nonprofit organization to access viable legal information.

Today, that traditional way of accessing legal services has changed dramatically by modern technology. This welcome dramatic change has democratized the industry. Legal resources and intelligence are increasing accessible easily and quickly by a click. People can now access needed legal knowledge through various technological platforms at little or no cost.

• Globalization

Globalization has radically transformed how lawyers do business today. The growth of the internet, key developments in data security, the automation of legal processes and other emerging technological tools have had a huge impact on how legal business is carried out today. Law firms are now expanding beyond immediate borders; they can now easily collaborate with foreign counsel. This has brought about enhanced service delivery and greater productivity. Globalization has reshaped how legal business is done and will continue to shape it for the better.

• Virtual Law Firms

Legal professionals today can do business from anywhere. We have seen a rise in virtual law offices. Thanks to smart mobile devices and modern communication platforms. Lawyers now have an alternative method to do business at home with flexible work hours. Lawyers can now make out time for family and other personal issues without their work life been affected in any way.

We need to understand how this revolution is taking place and adapt to it rather than fall behind it and suffer. If these changes are properly understood and embraced by law firms and organizations, it will lead to more efficiency, productivity and competitiveness in the global market.