Well, chicken little, the sky may indeed be falling. No, it’s not the specter of an unlikely global economic collapse, nor the danger of a double dip recession. Rather, it’s the new potent competition from Internet based providers of legal services. The major players in this space, Legalzoom.com and Rocket Lawyers are immensely well capitalized and are largely completely unregulated.
Add to that fact the new potent direct competition from legal project outsourcing companies, who are competing directly with law firms for significant parts of the corporate legal spend.
Bar associations do not have the will or resources to deal with these organizations. In the absence of anyone stopping either of these avalanches, law firms need to rethink how they are delivering legal services and reformulate their pricing models.
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