Pursuing legal profession a law degree was once a go to a stable legal career but not anymore. Legal professionals are facing a lot of challenges which were nonexistent for the recent generation. Here are some of the challenges lawyers should be aware of the keep pace with the market demands.
Legal Profession: Legal Delivery Not Just About Lawyers Anymore
A lot of legal service providers do not act as solo law firms anymore. A lot of corporate legal departments operate as integrated counselors/business partners to other companies. Such firms are seeking solutions to business challenges and offer a combination of technology, business, analytics, and process.
There is an overlap between accounting firms and law services. Accounting firms are investing heavily in legal services creating an increased competition in the legal market consolidating their influential position in the legal market.
Online Revolution has Disrupted the Legal Market
New cost-effective solutions are offered to customers. We have virtually witnessed an online revolution backed with venture capital and private equity funds. A lot of start-ups are turning away from old legal traditions and moving towards solutions powered by technology.
Companies like LegalZoom and Rocket Lawyer offer accessible legal services for those who cannot afford high legal rates. They have come up with cost-effective engagement process attracting millions of customers with the satisfaction rate of 90%. This is an unprecedented shift in the justice paradigm which presents new opportunities for lawyers, especially the young ones. They utilize technology to come up with “self-help” documents that are professionals examined and easily accessible. This makes the legal services affordable and accessible to millions and today’s lawyers have to be aware of this technological shift.
Cyber hacks are a real threat to a lot of institutions, and legal firms are the prime targets for hackers because they possess valuable secret information, including bank data, patents, and even government secrets. Now law firms face the challenge of ensuring that all their information is secure. Those who do not put proper safeguards for cybersecurity may be accused of negligence. This will also harm their reputation from the business and economic perspective.
Technology in the Marketplace
Technology is another potential player that will affect how the employees of law firms are working, A lot of start-ups have come up with easy and efficiency-driven solutions that reduce the time lawyers spend on some tasks. For example, smart contracts and blockchain are likely to revolutionize several legal areas. Automation of legal work has affected various stages of the legal process. In fact, law firms face the challenge both to deliver legal service and do it efficiently and profitably.
To sum, today’s lawyers have to be aware of some new trends in the legal market to keep pace with the developments. And since you are here, we want to offer you a legal tool that will help you in your legal practice. Ever thought that you can find an appearance attorney in less than a minute? We are operating in New York, California, Nevada, and Texas. For questions please contact us or read our blog.