Thursday, January 15, 2015

In This Future of the Legal Profession, The Only Constant Is Change

One thing is certain: evolution in the legal profession is true whether you believe in it or not. Because it is truly happening, write the authors of the 2015 Citibank Hildebrandt Client Advisory (pdf), who note:
Demand for law firm services appears to be growing at a more modest pace than the demand for legal services.
Such a statement would have been unthinkable in a not-too-distant past. Today, it just sets up a valuable discussion on the future of the legal profession, or as it's called in the report: "What It Takes To Be a Successful Firm:"

  1. An Increasing Focus on Margin Growth vs. Just Revenue Growth
  2. Growing Sophistication on How to Price and Manage the Delivery of Legal Services
  3. A Different Leverage Model
  4. Leveraging Technology
  5. An Increased Focus on Partner Performance and Skillset
  6. A strategic approach to practice and client succession
  7. Differentiating the Brand
  8. Client Centricity
  9. Leveraging the Platform
  10. Management of the Talent Pipeline
  11. Leadership in a Volatile Market

Read the report. Prepare for your future.

(Hat-tip to Ron Friedmann)

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