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Time for Law Firms to Embrace Change 04 10 18 INDEPENDENT PUBLICATION BY raconteur.net #0387 29 / 06 / 2016 LEGAL INNOVATION TIME FOR LAW FIRMS ROBOT LAWYERS AND LAW FIRMS MUST GET LITIGATION HAS VALUE 04 VIRTUAL ASSISTANTS 10 DOWN TO BUSINESS 18 WORTH INVESTMENT 03 TO EMBRACE CHANGE Artificial intelligence offers law Management efficiencies for There’s a new source of finance UK lawyers face uncertain times as legal aid and fees are squeezed firms a business opportunity a more professional approach to fund law suits and justice RACONTEUR 29 / 06 / 2016 raconteur.net LEGAL INNOVATION 03 Getty Images LEGAL INNOVATION DISTRIBUTED IN RACONTEUR PUBLISHING MANAGER HEAD OF PRODUCTION Marcus Pemberton Natalia Rosek PRODUCTION EDITOR DIGITAL CONTENT MANAGER Benjamin Chiou Sarah Allidina MANAGING EDITOR DESIGN Peter Archer Samuele Motta Grant Chapman Kellie Jerrard It’s time for law firms CONTRIBUTORS to embrace change JONATHAN AMES CATHERINE BAKSI Legal affairs reporter for Former barrister and The Times, he is editor Law Society Gazette Despite increasing numbers, lawyers in the UK face uncertain of the newspaper’s daily reporter, she is a freelance law bulletin The Brief. journalist writing for a times as legal aid and fees are squeezed, and alternative firms broad range of law titles. owned by non-lawyers provide competition ALISON COLEMAN EDWARD FENNELL Writer and editor, she is a Award-winning specialist contributor to Forbes, The writer on business law Guardian, Director, Economia and the legal industry, and Employee Benefits. he is a regular contributor OVERVIEW Of that group of 150,000 lawyers, ing – whether to offshore providers So will it all burst with a loud to The Times. JONATHAN AMES it is the commercial practitioners in in India, South Africa or the Philip- bang for the UK’s legal profession? and around the City of London who pines, or nearshore in Manchester, “It is clear that the world – and JOANNA GOODMAN GRANIA ever has there been a are the most struttingly confident, Glasgow and Belfast – is already the markets that we operate in – is Writer and editor covering LANGDON-DOWN starker contrast between casting themselves as a signifi- hitting them. changing rapidly,” acknowledges the business, legal and Freelance legal journalist, the “haves” and the cant national asset. The 2015 Legal Next, argue many, will come au- Gideon Moore, the lawyer elect- technology sectors, she she was the Press “have-nots” in the legal Services report from TheCityUK, tomation in the shape of artificial ed last November to take over the contributes to national Association’s crime and N profession than over the last year. a lobbying group promoting busi- intelligence. In ten years’ time, managing partner role at Linklat- and international legal affairs correspondent, On the one hand, public law practi- nesses in the Square Mile, claimed runs the argument, one robot law- ers, one of London’s five magic cir- publications and websites. and now writes for The Times law section, legal tioners felt so frustrated at the scale the contribution of large law firms yer will handle the grinding job cle law firms. magazines and websites. of government cuts to legal aid eli- to the UK economy is growing at of document review that formally “Firms need to be brave and em- gibility and fees that they manned more than 9 per cent annually. The required ten young human as- brace change, looking for the many the braziers in strike action. On the most recent figure is a contribution sociates. And the robot won’t go opportunities it presents rather CHARLES RACHEL ROTHWELL other, parliament’s public accounts of £22.6 billion, for constant tea than the threats it poses,” he adds, ORTON-JONES Editor of the Law Society’s watchdog expressed indignant out- equating to 1.6 per breaks, waste time flirting with the jargon trap that Award-winning journalist, magazine Litigation rage that at least one of the City of cent of the coun- on social media or snares so many in the City. But then he was editor-at-large Funding, she also edits PI of LondonlovesBusiness. Focus, published by the London’s elite “magic circle” law try’s gross domes- have anything re- he gives a clear nod to the impor- com and editor of Association of Personal firms was billing out its partners at tic product. sembling partner- tance of evolving structures, if not EuroBusiness. Injury Lawyers. £1,000 an hour when working for The evidence is Students still ship aspirations. an outright welcome to the robots. the government. clear, then – stu- want to be lawyers, And then there “Firms need to keep close to their The irony that taxpayers have dents still want the market is still are the account- clients,” says Mr Moore, “establish- to fork out in both instances has to be lawyers, the ants. Three of ing long-term relationships, and not been lost on some. Yet despite market is still growing and top- the global big delivering their service effectively these grumbles, on the surface the growing and top- flight commercial four – PwC, EY and efficiently.” UK legal profession seems to be in flight commercial lawyers are and KPMG – have James Burns, senior partner at rude health. lawyers are bring- been granted al- Clyde & Co, a fellow City law firm, The number of practising solici- ing home the bacon bringing home ternative business expands on this theme, narrowing tors in England and Wales – the big- for UK plc. the bacon for structure licences, down success to ever-greater moves gest branch of the legal profession in But for how much UK plc which means that towards specialisation. the UK’s biggest jurisdiction – con- longer? Is the legal in England and “The days when a firm could af- tinues to grow at a pace that would profession a bub- Wales they are law ford to be all things to all people are make a mother elephant proud. ble in search of a firms. PwC and EY long gone,” Mr Burns says. “If you Although this publication is funded through advertising and According to the profession’s reg- pin prick? have launched significant recruit- are going to succeed, you need to be sponsorship, all editorial is without bias and sponsored features are clearly labelled. For an upcoming schedule, partnership in- ulator, at December 2009, in the The problems on the high street ment drives in London, poaching clear on who your clients are, what quiries or feedback, please call +44 (0)20 8616 7400 or e-mail aftermath of the global financial are arguably easier to identify. Gen- lawyers from traditional Square they need from you and how you [email protected] crisis, there were nearly 112,600 eral practice law firms are being Mile law firms. can best deliver those solutions. Raconteur is a leading publisher of special-interest content practising solicitors and as of April buffeted by ever-shrinking legal aid And even if you believe the pub- Those answers are never static so and research. Its publications and articles cover a wide range this year that figure had rocketed eligibility and tightening fee rates, lic statements from the account- you need to be nimble too. Our ex- of topics, including business, finance, sustainability, health- to nearly 135,000 – an increase of as well as reforms to personal inju- ancy practices – that they are not perience is that one way to do that care, lifestyle and technology. Raconteur special reports are about 20 per cent. ry claims, and encroachment by so- targeting the clients of the top- is to focus on a handful of sectors in published exclusively in The Times and The Sunday Times as well The Bar is also growing, albeit, far called market disrupters in the form ten City law firms – they will at which we can truly live and breathe as online at raconteur.net more sedately. In 2010 there were of high-volume alternative business least eat into the profit margins our client’s business.” The information contained in this publication has been ob- tained from sources the Proprietors believe to be correct. 14,900 practising barristers and structures owned by non-lawyers. of the mid-tier solicitor players. However, no legal liability can be accepted for any errors. No four years later (the most recent fig- But those “masters of the uni- Mass consolidation in that market Share this article online via part of this publication may be reproduced without the prior ure available), there were slightly verse” in the City are hardly exempt has been forecast before; now it Raconteur.net consent of the Publisher. © Raconteur Media more than 15,700. from the tides of change. Outsourc- looks inevitable. BUSINESS CULTURE FINANCE HEALTHCARE LIFESTYLE SUSTAINABILITY TECHNOLOGY INFOGRAPHICS raconteur.net/legal-innovation-2016 RACONTEUR 29 / 06 / 2016 raconteur.net LEGAL INNOVATION 03 Getty Images LEGAL INNOVATION DISTRIBUTED IN RACONTEUR PUBLISHING MANAGER HEAD OF PRODUCTION Marcus Pemberton Natalia Rosek PRODUCTION EDITOR DIGITAL CONTENT MANAGER Benjamin Chiou Sarah Allidina MANAGING EDITOR DESIGN Peter Archer Samuele Motta Grant Chapman Kellie Jerrard It’s time for law firms CONTRIBUTORS to embrace change JONATHAN AMES CATHERINE BAKSI Legal affairs reporter for Former barrister and The Times, he is editor Law Society Gazette Despite increasing numbers, lawyers in the UK face uncertain of the newspaper’s daily reporter, she is a freelance law bulletin The Brief. journalist writing for a times as legal aid and fees are squeezed, and alternative firms broad range of law titles. owned by non-lawyers provide competition ALISON COLEMAN EDWARD FENNELL Writer and editor, she is a Award-winning specialist contributor to Forbes, The writer on business law Guardian, Director, Economia and the legal industry, and Employee Benefits. he is a regular contributor OVERVIEW Of that group of 150,000 lawyers, ing – whether to offshore providers So will it all burst with a loud to The Times.
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