The legal field has faced a lot of change over the past couple of years. These changes have brought forth challenges for lawyers. However, these changes have also brought forth opportunities that can help these lawyers learn and stay ahead of the curve when it comes to beating out the competition. Here are some challenges that lawyers are facing in 2018 and how these problems will begin to persist and evolve into 2019.
Clients are becoming more cost-conscious than they ever have before in the legal field. This means that they are willing to shop around for the absolute lowest form of legal representation that they can get. However, paying less for legal representation doesn’t always mean that they will find the best quality. Many firms are beginning to feel the effects of these cost-cutting methods that clients are taking. This has forced many firms to merge into larger ones. This effectively combines their client base and forces lawyers to band together to survive the market. It is a necessity that many lawyers are willing to pursue to keep themselves above water and avoid losing their businesses.
New Forms of Competition
Arguably, one of the biggest factors that are forcing old-dog lawyers to change their ways of business is technology. These technological advances have driven competition in service delivery and how things are priced for clients. This has reshaped many law firms and how they have done business. Some law firms that have been around for 20 years are beginning to feel the effects of their stubbornness and unwillingness to adapt to the way business is being done now. Technology is such an incredibly important aspect that every business should follow. Failure to do so will leave your firm behind in the dust while others will capitalize on it and thrive.
The aspect of introducing diversity in the workplace is stronger than it has ever been. Many law firms are beginning to diversify when it comes to new hires. Representation matters in law and it should absolutely matter when it comes to who is representing you. Older law firms that fail to adapt to this model will find that they may lose potential clients when it comes to representation. As we begin to evolve into a progressive society, so too must our businesses that represent the people.