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    Legal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms
    Legal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms
    Legal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms
    Ebook99 pages1 hour

    Legal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms

    By Rupprecht Graf von Pfeil, Gerard Tanja and Robert van Beemen

    ()

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    About this ebook

    This Special Report on Legal Tech and Digital Transformation offers a practical framework on the following topics:

    • What impact do technology, legal tech and technology-based legal services have on the formulation of strategy in
    traditional law firms?
    • Does legal tech affect the competitive positioning of law firms?
    • Legal tech and client services delivery: will the distinctive value proposition of law firms change?
    • How does legal tech impact the traditional business models of law firms?
    • How do national and international law firms implement technology in their business model? What are best practices and
    what can we learn?

    The report concludes with a commentary on the perspectives law firms should consider in regard to legal tech companies and legal process outsourcing (LPO) providers (and how should they respond). Will we see mergers between law firms and such new entrants and legal tech companies? How will the 'Big 4' embed legal tech in their services and where will they try to compete?
    LanguageEnglish
    PublisherGlobe Law and Business
    Release dateNov 1, 2018
    ISBN9781787422094
    Legal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms

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      Book preview

      Legal Tech and Digital Transformation - Rupprecht Graf von Pfeil

      Legal Tech and Digital Transformation:

      Competitive Positioning and Business Models of Law Firms

      Authors

      Robert F van Beemen, Rupprecht Graf von Pfeil and Gerard J Tanja

      Managing director

      Sian O’Neill

      Legal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms is published by

      Globe Law and Business Ltd

      3 Mylor Close

      Horsell

      Woking

      Surrey GU21 4DD

      United Kingdom

      Tel: +44 20 3745 4770

      www.globelawandbusiness.com

      Printed and bound by CPI Group (UK) Ltd, Croydon CR0 4YY, United Kingdom

      Legal Tech and Digital Transformation: Competitive Positioning and Business Models of Law Firms

      ISBN 978-1-78742-208-7

      EPUB ISBN 978-1-78742-209-4

      Adobe PDF ISBN 978-1-78742-210-0

      Mobi ISBN 978-1-78742-211-7

      © 2018 Globe Law and Business Ltd except where otherwise indicated.

      The right of Robert F van Beemen, Rupprecht Graf von Pfeil and Gerard J Tanja to be identified as authors of this work has been asserted by them in accordance with Sections 77 and 78 of the Copyright, Designs and Patents Act 1988.

      All rights reserved. No part of this publication may be reproduced in any material form (including photocopying, storing in any medium by electronic means or transmitting) without the written permission of the copyright owner, except in accordance with the provisions of the Copyright, Designs and Patents Act 1988 or under terms of a licence issued by the Copyright Licensing Agency Ltd, 6–10 Kirby Street, London EC1N 8TS, United Kingdom (www.cla.co.uk, email: [email protected]). Applications for the copyright owner’s written permission to reproduce any part of this publication should be addressed to the publisher.

      DISCLAIMER

      This publication is intended as a general guide only. The information and opinions which it contains are not intended to be a comprehensive study, or to provide legal advice, and should not be treated as a substitute for legal advice concerning particular situations. Legal advice should always be sought before taking any action based on the information provided. The publishers bear no responsibility for any errors or omissions contained herein.

      Table of contents

      Introduction

      Digitalisation and legal tech

      1. Digital transformation

      2. Legal tech market

      3. Alternative legal service providers and the Big Four

      Strategies for law firms

      1. General

      2. New entrants

      3. Demand-driven market structure

      4. Substitute services

      5. Intensified law firm competition

      Strategy, legal tech and digitalisation

      1. Digitalisation and clients

      2. Digitalisation and law firms’ responses

      3. Changing business models of law firms

      4. Disruption, operational excellence and sound strategy

      Summary

      Appendix I. Strategy formulation

      Appendix II. Business model canvas

      Notes

      About the authors

      Introduction

      Clifford Chance bridges gap between ‘tech and law worlds’ with new role¹

      Slaughters to launch second tech incubator to find the next Luminance²

      Reed Smith gives fee-earners 50 hours for innovation projects³

      The purpose of this special report is to provide insights on the impact of legal tech and digitalisation on strategy formulation, and on how the digital revolution is affecting the traditional business models of law firms. The introduction of legal tech and digitalisation, in combination with changing client needs, has also resulted in the introduction of new market entrants and substitute services: alternative legal service providers (ALSPs), legal process outsourcing companies (LPOs) and the Big Four have entered the legal industry and carved out interesting market positions with significant growth potential. Most of these legal service providers offer certain types of services that are heavily technology driven. Are such players friends or foes of law firms? How should law firms respond? How should law firms shape their relationships with these new entrants? Will we see mergers between law firms and new entrants and legal tech companies? How will the Big Four embed legal tech in their service offerings and where will they try to compete?

      Five main trends and forces are reshaping the structure of the legal industry, several of which are heavily influenced by legal tech and digitalisation:

      • Internationalisation and globalisation (on both the demand side and the supply side) have paradoxically resulted in fragmentation (ie, the growth of expertise-driven, boutique-style law firms) and consolidation, at both national and international levels.

      • Purchasing patterns for legal services are changing, as more mature and repositioned in-house departments seek integrated, multi-disciplinary and cross-border advisory services beyond legal, and based on innovative pricing models. These clients are demanding efficient use of legal tech and digital solutions to address their changing needs and requirements.

      • New market entrants – including ALSPs and LPOs, but also the Big Four – have introduced new service offerings based on different business models, often heavily technology driven, and are capturing market share in segments of the legal market where the more traditional law firms have not yet developed sufficiently attractive and distinctive value propositions.

      • These and other trends have intensified competition, predominantly among traditional law firms, leading not only to pricing and margin pressures, but also – and more importantly – to clearer market segmentation. As in any other industry, this reflects increasing market maturity. Market maturity in combination with segmentation is forcing law firms to identify and develop winning competitive positions. In such markets, it is no longer possible to compete across several market segments with non-distinctive and often rather general value propositions; trying to be all things to all people leads to dilution of profitability and

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