The report, named 'The Future of Legal Services', states that changes in the legal services sector will place pressure on the profitability of solicitors going forward unless the profession is able to innovate. By 2020, the growing number of lawyers moving in-house or to the B2B sector will likely undermine the dominance of traditional law firms, the report argues. While solicitors might attempt to differentiate themselves in the evolving legal services market on the grounds of quality and specialisation, the Law Society has gone so far as to suggest that, in future, solicitors may increasingly opt to relinquish the title altogether and offer services as non-lawyer providers.

Race against the machine

According to the report, 24 per cent of surveyed firms are already losing legal work to client technology solutions which, while widening access to justice for clients, often side-step the firm. While the report predicts that the growing automation of paralegal work will level off by 2020, innovation in communication, 'big data' analysis and artificial intelligence have been flagged as key growth areas.

Access issues

While tech-based legal solutions may boost access to legal services, they will still remain unaffordable or inaccessible for many. 'There is a big overlap between those who can't afford to pay [for legal services] and those who either don't have access to digital services or lack the skills to exploit them,' observed the Law Society's Futures panel for B2C. A careful combination of pro bono work, publicly-funded schemes, student-powered clinics and technology-supported services will be required in order to ensure the widest possible access to advice for clients in the evolving legal marketplace, the panel suggested.

Opportunities for solicitors

Solicitors can still find a foothold in the evolving legal marketplace, as long as they play to their strengths and adapt to the changing needs and buying behaviours of clients. 'Opportunities [for solicitors] are in the high and low end of the pyramid, as a consultant capable of solving the most complex legal issues and [developing] legal strategies, and on the low end by bringing innovation and efficiency to the legal services industry to benefit the underserved population,' the Law Society's Futures panel for B2B concluded.

Communication is key

As legal service offerings diversify, law firms will need to find new ways to attract and maintain relationships with 'Gen Y' clients, who will make up the bulk of the business community by 2025. 'The gap is widening between how Generation Y communicates and how solicitor firms approach them as clients,' the report suggests. Innovative communications tools and strategies that capitalise on technology will be needed to catch the attention of clients in a saturated and diversified legal marketplace. Source: The Law Society; Solicitors Journal