Law firms across the world are facing a major challenge as the market changes. Dr George Beaton in his first 'Business of Law' blog discusses the options for staying in business.
Peter Drucker is famous for many original insights into the practice of management. Of his aphorisms this one expounding a somewhat Darwinian view of organisations is an appropriate way to introduce my blog, the Business of Law: "Some theories of the business are so powerful that they last for a long time. But eventually every one becomes obsolete."
Law firms all over the world are facing a novel challenge: Adapt rapidly or wither and fade away. This is not intended as a melodramatic statement with which to launch my blog. Rather it's a bald statement of fact as many far-sighted managing partners attest and astute analysts observe. The law firm business model has remained unchanged for decades and largely unresponsive to the major disruptions in the environment in which firms operate. The model is becoming obsolete in many ways and the time for change is now. The Business of Law will assimilate the facts, interpret the trends, elucidate the options and–above all–call things as I see them in the battles to avoid obsolescence.
The Business of Law will be characterised by its client-centric approach (the raison d'être for firms' existence), a belief that professionalism and the profit motive are compatible, and coverage that is relevant to firms of many kinds: large and small, multi-country and single city in many corners of the world. My perspective is what's good for clients is good the business of practising law. And what's good for the business is also good for the clients. I will also bring texture and colour to the Business of Law through occasional interviews with thought leaders and trail blazers and mini case studies of myth-busting firms and practices.