We lawyers detest talking about our fees with our clients, yet analysis suggests this is leaving a $20B black hole in the revenue of BigLaw firms.
Richard Burcher’s firm, Validatum, has worked with over 300 law firms in 18 countries and if there is one common denominator he observes, it is a shared perspective that the price conversation is the most unpalatable and stressful aspect of the lawyer/client relationship.
“The future of legal service will be a world of virtual courts, Internet-based global legal businesses, online document production, commoditized service, legal process outsourcing, and web-based simulated practice. Legal markets will be liberalized, with new jobs, and new employers, for lawyers.”
Ken Jagger, CEO of AdventBalance predicts that traditional firms will continue struggle in maintaining market share as US and UK firms flood the market, and boutique specialist firms increase their dominance.
Joanne Rees, one of Australia’s most respected strategic legal advisers, recently attended a major legal project management conference in Chicago and was surprised by the lack of action legal leaders are taking in other parts of the world.
The federal government’s new system for major agencies and departments to hire external law firms will begin today in an effort to curb a growing legal bill worth hundreds of millions of dollars a year.