New Competition for Law Firms on the Rise
Some say the legal industry is now falling apart. Primarily due to the fact that the industry is moving away from the conventional provider of legal services, which are the law firms, to newer and more fragmented type of service platform. Aside from LPOs (legal process outsourcing), there are other non-law firms that provide legal services as well. In fact, according to Adam Smith Esq , “Law firms are really being circled by these things.”
Various law firms are now looking at angles where they would be competing and how to do it. They also have to decide what shall fit their business model well.
According to Jordan Furlong, the Edge International consultant, it is not only the LPOs and other firms that are competing with law firms, it is also the fact that more companies are bringing any work on legal matters in-house.
Furlong added that, “The overall marketplace for legal services is fracturing.” He further continued that, “Legal work will go to the provider best designed for that particular work in terms of personnel systems and mindset.”
Furlong also said that he thinks that the current trend in the legal industry will stay permanent. He also said that this is being driven not just by law firms but also by the clients themselves.