This recent report from Deloitte on the future of law firms predicts the continued unravelling of the traditional law firm and makes for interesting reading.
Predictions are that there will be demand for 25,000 additional skilled roles in law by 2020. Automation will impact on some of the traditional roles but there will be new opportunities for lawyers and those with other skills (project managers, dealmakers, sales executives and technology experts) to work with law firms in ways which suit them – not necessarily as traditional employees.
Deloitte believes that small firms will be well placed to adjust to the changing landscape as they are sufficiently agile to respond quickly to client demands.
It’s not all good news though – the lack of growth in revenue per fee earner in the top 100 firms since 2008 is striking and Deloitte makes it clear that the pain for mid-sized firms is not going away.
Deloitte stresses that the key to success is recruiting and developing talent around key pools – law firm leaders, traditional fee earners and those with complementary skills.
If you’re involved in law firm management, human resources or learning and development, it’s well worth downloading.
What will the future law firm look like? The legal profession will be radically different in ten years. On the whole, we expect the following: fewer traditional lawyers in law firms A new mix of skills among the elite lawyers Greater flexibility and mobility within the industry A reformed workforce structure and alternative progression routes A greater willingness to source people from other industries with non-traditional skills and training.