The cost of the law is falling. How low will it go?
When the Legal Executive Institute asked law industry management consultant Bruce MacEwen about the future of the profession, he didn’t hold back.
US law clients learnt during the slowdown that they could cut legal spending without lowering quality. Now, says MacEwen, “the legal market is evolving to look an awful lot like the rest of the economy”.
Elite clients want the best and don’t care about price. The rest of the market wants “a five-pound sack of potatoes” – competence at a rock-bottom price. Firms need to find those clients who aren’t price sensitive or “go middle-market, and stop pretending that you’re turning out Mercedes if you’re not”.
The biggest change for the next five years? “Probably … clients taking control”.
The coming year of industry change
This article is from the March 2015 issue of INTHEBLACK