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Can Law Firms Think Long Term?

what else Long-Term Stock Exchange Learn more here LTSE founder Eric Ries has written just last week Bill Ackman How can law firms change their governance or financial structure to incentivize more long-term thinking? Send your ideas! Law firms generally are looking at more immediate opportunities rather than long-term opportunities. I think a lot of law firms are going to suffer because their business models are going to change: The way we deliver legal services; the way we price them; the people we have in the organization; data analytics. All of these trends have not really hit the legal system in a systematic way yet. I believe, and I'm sure there are many who will debate this on the other side, that our industry is going to be transformed. I'm not sure you can say when, but when it does happen, we've seen in other industries that it happens very quickly. And those that have been thinking long term about it will reap the benefits. a free online questionnaire Clerky led by Orrick alum Darby Wong Captable.io an entire legal guide Global Operations Center which can do the work A note to readers: Roy Strom is on vacation next week and there will be no Law Firm Disrupted. Enjoy the fireworks.

Roy's Reading Corner

On Litigation Funding: The cover story for July's The American Lawyer On the Billable Hour's Long-Term Prospects: Billable Hour 'Makes no Sense' in AI World The hourly billing model, Davis said, “makes no sense in a universe where what clients want is judgment.” Law firms should begin to concern themselves not with the degrees or law schools attended by candidates for employment but with whether they are “capable of developing judgment, have good emotional intelligence, and have a technology background so they can be useful” for long enough to make hiring them worthwhile, he said. On Great Attorney Quotes: Chicago Tribune story Illinois Racing Board general counsel Michael Pieczonka said he would explore legal arguments for and against historical horse racing, but cautioned the board: “I don't know how we can draft rules to do something that can't be legally done. That's the problem.”