THE END OF LAWYERS?ilta.personifycloud.com/webfiles/productfiles/1101/Suss...Bespoke Standardised...
Transcript of THE END OF LAWYERS?ilta.personifycloud.com/webfiles/productfiles/1101/Suss...Bespoke Standardised...
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THE END OF LAWYERS?
Richard Susskind26 August 2009
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the futurethe market
commoditisationtechnology
lawyers?
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the future
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automation vs innovation
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the market
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most major clients face a dilemma in three parts
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pressure to reduce internal headcount
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pressure to reduce external spend
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and yet …
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they have more legal and compliance work then ever before (and it is riskier too)
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something has to give
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clients want more for less
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two strategies
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the efficiency strategycut the costs
moving along the path towards commoditisationmulti-sourcing
the collaboration strategyshare the costs
harnessing the collaborative power of ITonline community
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commoditisation
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Bespoke CommoditisedStandardised Systematised Packaged?
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Bespoke CommoditisedStandardised Systematised Packaged
The path to commoditisation
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Bespoke CommoditisedStandardised Systematised Packaged
Billing models
Hourly billing Fixed feesCommodity
pricing, tendingtowards zero
Marginal costs of delivery reduce
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Bespoke CommoditisedStandardised Systematised Packaged
First impressions of many law firms
‘our firm does mainly bespoke work and that is it how it should be’
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Bespoke CommoditisedStandardised Systematised Packaged
Challenging first impressions
• rethinking client work• market pull to the right
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70% 0%20% 10% 0%
Today
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40% 5%20% 20% 15%
In three years …
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20% 20%20% 20% 20%
In seven years …
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15% 25%15% 20% 25%
In ten years …
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decomposing
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document reviewlegal research
project managementlitigation support
electronic disclosurestrategytactics
negotiationadvocacy
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Multi-sourcing
1. in-sourcing2. de-lawyering3. relocating4. off-shoring5. outsourcing6. sub-contracting
7. co-sourcing8. leasing9. home-sourcing10. open-sourcing11. computerising12. no-sourcing
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technology
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a tendency amongst lawyers
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Exponential curve
Time
‘the knee ofthe curve’
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online communitysome recent developments
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Communicating and collaborating
• instant messaging• blogging• Twitter• mass collaboration• social networking• pets
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what does all of this mean for law firms?
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disruption
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SermoeBayIndiaCisco
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shape
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expert trusted adviser
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routine work by junior lawyers
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new ways ofsourcing
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lawyers?
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what parts of lawyers’ work could be undertaken differently – more
quickly, cheaply, efficiently, or to a higher quality - using alternative
methods of working?
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Jack Welch
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‘faster horses’
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two finalthoughts
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‘The future has already arrived …
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…It's just not evenly distributed yet’
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‘The best way to predict the future…
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… is to invent it’