Does the Future Belong to Smaller Law Firms?
Along with my colleagues at Travelers, I’ve noticed significant growth in the number of legal start-ups looking for insurance services. Many of them are effectively business plans for new ventures exploring alternative structures to the traditional law firm.
Jim Jack, Head of Professional Indemnity, Travelers Insurance
These Start-Ups Often Involve a Mix of Disciplines
Law is obviously at the core, but I’ve also seen them offer, for example, a good technical specialist, such as a young graduate with superb IT skills. That obviously has real value for internet start-ups.
I am also really encouraged to see different disciplines come together to offer a broader service and meet the wider client demands. After all, the needs of businesses are changing and tomorrow’s law practices will need to evolve if they are to meet client demands.
What’s exciting is that these small law firms are really thinking about what clients want and finding different ways to bring it about. It’s only natural that smaller firms would lead the way since they are nimble enough to respond speedily to changing client demands. They also benefit from the scalability of today’s technology.
I think the future looks bright for any small legal enterprise that’s thought about how it can be successful, thought about the clients it can service and about how to do things differently, more effectively, more cost effectively and with better customer service.
As Howard Rosenberg, CEO of corporate intelligence provider Decipher recently explained, “Small law firms are close to the clients, they can get initiatives up and running much faster without the bureaucracy. Whether it’s pricing, differentiating their product, technological innovation, or a combination of all those things, they are in a good place to create competitive advantage in the market.”
Is the future bright for smaller firms? Well, in a fast growing and increasingly technology-driven economy, they certainly have reasons for optimism.
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