Law Times

LAW TIMES / JULY 14/21, 2008 NEWS Study: firms must plan to survive BY ROBERT TODD For Law Times L awyers need to know what the marketplace will look like in the future to give themselves the best chance to sur- vive in a volatile global economy, says the president of a company that recently helped produce a study on legal trends. "The legal industry is un- dergoing significant change and transformation due to numerous external forces influencing the nature and quality of legal-service delivery," Jim Seidl, president of Minneapolis-based Legal Research Centre Inc., tells Law Times. "In the past, law firms, law departments, and the internal and external customers they serve had frequently been taken by sur- prise by those unexpected market forces," says Seidl. "Those surprises have often negatively impacted the quality and value of the legal servic- es delivered or received, and forced the practitioner into a reactive so- lution mode, at a higher risk and greater cost for their clients." Seidl says the "Legal Transfor- mation Study: Your 2020 Vision of the Future," produced by an influ- ential group of legal and business leaders, identifies key global trends and uncertainties that are shaping the future of the legal industry. The report includes four planning sce- narios based on those forces that challenge current practices and let lawyers and law firms create proac- tive strategies to help ensure their continued success. He says what they're trying to do is "provide some tools for read- ers to deal with these trends, these uncertainties, these market forces in a more proactive way, in order to diminish the risk and uncover and locate greater opportunities for their various organizations." The report says electronic dis- covery is an example of a shift that could've been predicted had experts exercised greater forethought. "In retrospect, as an indus- try, we could have predicted and planned for the implications if we had stopped 10 years ago to con- sider that computers and the rapid growth of e-mail were enabling an explosion of electronic evidence," the report states. "If anything, this history lesson should tell us that 20/20 hindsight needs to become 20/20 foresight." The study envisions what DD LT RX3RDB-07 Frntr ad 6/27/08 2:25 PM Page 1 the legal landscape will look like through the next decade, complete with details on 11 key trends and uncertainties expected to create change. The study comes out of discussions this year and last with 'The legal industry is under- going significant change and transformation due to numer- ous external forces influencing the nature and quality of legal- service delivery,' says Jim Seidl. senior law firm partners, executives at corporate law departments, and senior management at legal service supplier organizations. The study sees the following possible scenarios in the delivery of legal services moving to 2020: • Blue-chip mega-mania — Legal service providers will consolidate and giant law firms will dominate the industry with global reach and expertise in all areas of law. • Expertopia — The law will continue to gain complexity and global corporations will face chal- lenges operating in various envi- ronments, which will make spe- cialization and expertise essential. • E-marketplace — Technology will stimulate the marketplace but won't be the most important element, as the industry changes to a state in which web-based technology fosters greater avail- ability of information, and expert judgment becomes vital. • Techno-law — Corporations will invest more resources into automation in the legal services industry. This will mean that only high-end services will be delivered by legal professionals, a scenario that would cause a major overhaul of traditional business models. The study was sponsored by Encore Legal Solutions, Altman Weil Inc., Jomati Consultants LLP, Bridgeway Software Inc., Deloitte Financial Advisory Ser- vices LLP, DuPont Legal, Ever- sheds, Intellevate, Meritas, and Solomon-Page Group LLC. Seidl co-produced the study with Scott Snyder, president of De- cision Strategies International. "This study is a tool to test the resiliency of law firm strategic plans across a range of possible futures, or to develop new plans more likely to assure their success," said Ward Bower, strategy consultant at Alt- man Weil. "This is critical stuff for law firms. If they get their basic di- rection wrong, they're toast." Mark Chandler, general counsel of Cisco Systems and a contributor to the study, said in the release that, "There can be no doubt that we are poised for significant change be- tween now and 2020, with a wide range of business, technological, and regulatory forces sure to have a major impact on the way that legal services are delivered to corpora- tions worldwide." LT ANNOUNCEMENT PAGE 5 Choose from an array of modern or traditional styles Office Furniture that will leave your clients and employees with a positive lasting impression. Intelligent This model only $1299* Office Furniture Fast delivery & great prices Choose from a typical workstation package or mix and match any of 1200 standard components. Fully assembled. Lifetime warranty. Quick Ship Program - 5 working days. Available in 5 finishes. * taxes, shipping & installation extra yourONE source supplier for OFFICE & FURNITURE PRODUCTS Office & Furniture Products • Corporate Promotional Products Printing & Graphic Services • Law Office Essentials Corporate Supplies • Search & Registration Services C The Law Society of Upper Canada regulates the lawyers and paralegals of Ontario in the public interest. The Law Society ensures that all lawyers and licensed paralegals in Ontario meet standards of learning, professional competence and professional conduct that are appropriate for the legal services provided. dyedurham.ca • Phone: 1-888-393-3874 • Fax: 1-800-263-2772 www.lawtimesnews.com awSociety_LT_July14_08.indd 1 7/11/08 10:04:57 AM W e ' r e a y C a n a p d i m a n o a n

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