LawCONSULTANCY
Want to reduce legal expenditure and risk while improving quality and speed of outcomes? Engage us to review your legal and related structures, systems and processes
The Australian legal industry is undergoing a period of major structural and cyclical change. This is driven by a confluence of factors, including a persistently sluggish post global financial crisis economy, a maturing and increasingly deregulated legal industry and rapid advances in technology. In turn, this has led to a tightening legal services market, reduced barriers to entry and the emergence of new business models and services. With these changes, come opportunities.
Preventive law
Affordable proactive risk management solutions which reduce the risk of costly legal mistakes
Leveraging technology
Using technology to automate labour intensive manual and inefficient processes, reduce risk and costs and free up human resources
Alternative pricing models
Alternative pricing models, including fixed, success or value based fees, lump sum retainers and a variety of subscription based and "all you can eat" models
Alternative business models
The majority of law firms still use a no or limited goodwill business model. This structure makes it challenging for most law firms to take a long term view and invest in the future because the partners tend to focus on their short term interests of maximising their income while they are a partner since they have nothing to sell of any significant value when they leave. Also, these same law firms are often heavily weighed down by significant long term fixed costs.
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In contrast, there is an emerging crop of new law firms led by former partners of traditional law firms who have spurned the old model in favour of one more akin to a contemporary consulting business. These new law firms tend to take a longer term view and are happy to invest in their future. They tend to embrace technology to support them in their roles and have a largely variable cost base that can be scaled up or down depending on demand. These new law firms are positioned to provide expert advice, innovative services and value in ways that cannot be matched by traditional law firms. This presents clients with the opportunity to obtain legal services out of a best fit and least cost environment with confidence.
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