More solicitors will work in-house or in specialist firms by 2020, a Law Society report has predicted.
In The Future of Legal Services, the Law Society-commissioned report looks ahead to a future where more clients unbundle to find the most cost-effective solutions and, in private law, fewer individuals are able to afford legal advice.
This bleak picture encompasses City and US and UK-headquartered global firms, which will start to feel the pinch as law firms in emerging markets begin to challenge their dominant position. Increasing globalisation will also increase the need for in-house counsel who understand the global requirements of their business. With so many different legal landscapes to look after, the breadth of responsibility of in-house counsel will expand.
Clients now wield more power in the relationship with their lawyer, as they have benefited from greater access to information about cost, greater ability to unbundle services and an expanding array of alternative law firms from which to source work. The impact of the “Big 4” accountancy firms offering legal services should not be underestimated, the report warns.
Technology has led to commoditisation of routine work in the past, a trend which will continue. Online dispute resolution will also come to the fore by 2020 and has “enormous potential”, according to the report.
Law Society chief executive Catherine Dixon says: “Individuals and businesses seek and depend on excellent, affordable legal advice at critical times. Solicitors are innovators and are responding to changes in a highly competitive legal services market. As the government consults on the future of regulation and the market, we will call for a fair regulatory playing field for all legal services.”
