Welcome to the new world of legal services. Lawyers use their critical minds not just to work on cases, but to reinvent their industry’s role.
The Closed Market (20th century to mid 2000′s)
Lawyers = only source of legal knowledge.
Lawyers don’t undercut each other.
Rise of bloated system based on billable hours.
Legal technology aids but does not change how lawyers do business.
Professional training offered on the job at client expense.
The Breached Market (2008-2016)
Growth of “do it yourself” legal cures.
Financial pressure forces outsourcing of legal services.
Legal technology disruptive, replacing traditional lawyering roles.
Overpriced firms cut positions to maintain profitability.
Providers, targeting lower or higher level legal work, distinguish themselves.
The Fully Open Market (2016-2024)
Only a small, high value portion of legal work is reserved for lawyers.
Legal tools and knowledge are almost universally available online.
Self-governance by lawyers made much stricter, to reinforce the small, highly skilled lawyer class.
“Non-lawyers” fill many legal niches bringing extreme efficiency and lower prices.
Expanding Market (2019+)
Lower prices opens up vast legal market.
Demand for lawyers, in new role reappears.
Emergence of “legal insurance” like home owner’s insurance grows.
Commoditization of legal services is widespread.
New industry standards established.
Small number of elite firms thrive on handling high stakes, highly renumerative work.
Groups of lawyers work on project basis under senior project management.
Source: Online-Paralegal-Degree.org
