The competitive business atmosphere, monetary pressures and client cost-cutting may bring about a major change in the landscape of the legal industry in the coming days. Below are some of the new trends that are likely to significantly impact the legal industry:
- Telecommuting: The new trend to watch nowadays is telecommuting. In the coming years telecommuting between lawyers and their employees will increase. Mobile technology, cloud computing, and video conferencing will allow the employees to work from anywhere in the world. As legal entities begin to realize the amazing possibilities of telecommuting, there will be an increasing trend to work from outside the office.
- Legal Process Outsourcing: The LPO trend is poised to grow in the coming days as legal firms and professionals will continue to outsource their work such as document review, legal research and more.
- Non-lawyer Competition: The competition for non-lawyers is another trend that will restructure the legal industry. The competition from them through LPO, online legal websites, legal technicians and others will increase in the coming years.
- Globalization: With advanced technology available now that erases borders, law firms will continue to expand their business on a global level.
- Social media: Almost all internet users spend their time on social media sites such as Facebook, Twitter and others. Law firms know the power of social media and will utilize them as a marketing tool and strategic business driver.
As the legal industry continues to strive hard through these challenging times, the coming days are sure to witness long term success and stability of the legal industry through its change via restructuring. To reduce operational costs while providing value-added client services, more and more law firms are likely to embrace new strategies for delivering legal services.