In this new book, I look to the future of law firms and extend on those principles. I argue that whilst the historic principles remain, the profession was slowly modernising and then Covid hit like a thunderbolt moving the requirements of managing a law firm on to another level completely – and there is no turning back as we move into the future.
I conclude that there is one key word to take forward to describe future management of the finance of law firms – and that is Flexible.
There will be a need for flexible …
Fee earning – timing/location/method of services/self-service/automation/processes
Office environments
Employment/self-employment status – the rise of self-employed consultants both within law firms and within virtual/platform firms
Reward
Pricing
Ownership models
Outsourcing – turning fixed costs to variable costs, including fee earning
Off-shoring/North-shoring
Management – and the use of professional managers/CEOs
For more details behind this, including coverage of:
Historic foundations
The financial impact of Covid on law firms
Anticipated impacts on law firms as we emerge from Covid
