Law Firm 3.0: Information Changing Business Models
The standard law firm model that has been in effect for the better part of the last 20 years is becoming less viable and the way law firms are run is undergoing a subtle, yet significant change, driven largely by information.
June 01, 2015 at 09:33 AM
10 minute read
The standard law firm model that has been in effect for the better part of the last 20 years is becoming less viable and the way law firms are run is undergoing a subtle, yet significant change, driven largely by information.
The wealth of information that general counsel have access to, along with a zero-growth market for many firms, aging leadership and increased competition from things like legal outsource providers, is creating an environment where many law firms will have to dramatically change if they want to survive.
When futurist Alvin Toffler published his bestseller, “The Third Wave,” in 1980, he theorized that much of the turmoil of the late 1970s was the result of a major societal shift. In Toffler's view, there had been two previous major “waves” or changes to society. The first was the transition from a hunting and gathering society to an agrarian one and the second was the transition from an agrarian society to an industrial one. The third wave, he predicted, was a post-industrial society—the information age.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4'That's Disappointing': Only 11% of MDL Appointments Went to Attorneys of Color in 2023
- 5'You Are Not Alone': 120 Sex Assault Victims Plan to Sue Sean 'Diddy' Combs
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250