There’s a theory of economics that suggests that the most accurate predictor of things like elections and sporting events is economic handicapping—the amount of money people will bet on a particular outcome. It’s based on the wisdom of crowds. Collectively, large samples are a pretty accurate way to judge everything from emerging markets to how many jelly beans are in a jar. There’s a TED talk where the guy had the audience guess the weight of a live steer he brought on stage. They get it exactly right.
Applying that concept to the market for alternative delivery models for legal services, we’d better hang on for some huge changes. At a recent symposium reporting the doings of the American Bar Association Commission on the Future of Legal Services, it was reported that venture capital flowed into alternative legal enterprise models at the rate of $66 million in 2012, $456 million in 2013 and $1 billion in 2014.
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