john stobart: what will the future of the law firm look like?
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Commoditisation and IT will shape and characterise 21st century legal services. Successful legal business may be a by-product of law in society, but it is not the purpose of law. And, just as numerous other industries and sectors are having to adapt to broader change, so too should lawyers. John Stobart will look at what the future holds for law firms. John Stobart is a Partner in the Corporate team at Leicester law firm Harvey Ingram. During his career, he has worked in the City of London as the senior in-house lawyer for a FTSE 250 company. His specialist areas include corporate finance, acquisitions and joint ventures, university start ups and spin-outs and all related matters from licensing to agency agreements. http://www.harveyingram.com Facebook: Harvey Ingram LLP Twitter: @HarveyIngramTRANSCRIPT
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What will the future of the professional firm look like?
John Stobart – Harvey Ingram LLP
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What will the future of the professional firm look like?
John Stobart – Harvey Ingram LLP
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• Brands• Rainmaking• New starts• Innovation • New wave• Technology
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Technological Impact
Commoditisation +
Information technology=
Driving Change
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Information Substructure
Dominant means by which information:
• captured • shared and • disseminated
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Four Phases
• Oral - dominated by speech
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Four Phases
• Oral - dominated by speech
• Script – handwritten
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Four Phases
• Oral - dominated by speech
• Script – handwritten
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Four Phases
• Oral - dominated by speech
• Script - handwritten• Print – first mass media
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Four Phases
• Oral - dominated by speech
• Script - handwritten• Print – first mass media
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Four Phases
• Oral - dominated by speech
• Script - handwritten• Print – first mass media
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Four Phases
• Oral - dominated by speech
• Script - handwritten• Print – first mass media• Information technology.
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Information Substructure
Dictates to a large extent • the quantity of our law
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Information Substructure
Dictates to a large extent • the quantity of our law • the complexity of our law
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Information Substructure
Dictates to a large extent • the quantity of our law • the complexity of our law• the regularity with which
our law can change
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Information Substructure
Dictates to a large extent • the quantity of our law • the complexity of our law• the regularity with which
our law can change • and those who are able
to – advise upon it and – be knowledgeable about it.
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Surfing this wave
Successful business models:
• Products for social and economic needs
• Industries and sectors adapt to broader trends and changes
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Innovation
• Quicker
• Cheaper
• More efficient
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Innovation
• Quicker
• Cheaper
• More efficient
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Innovation
• Quicker
• Cheaper
• More efficient
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Innovation
• Quicker
• Cheaper
• More efficient
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Innovation
• Quicker
• Cheaper
• More efficient
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Innovation
• Quicker
• Cheaper
• More efficient
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Challenges
• Identify distinctive skills and talents
• Capabilities that cannot be replaced by: – advanced systems– less costly workers
supported by technology– standard processes– people armed with
online self-help tools.
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Latent Legal Markets• Social and working lives can
benefit from legal guidance • Lack of resources or
courage to secure legal advice
• Vast resources available • Government’s 2,500
websites • Innumerable voluntary legal
services sector websites• Practical, punchy legal
guidance.
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Niche Players
• Industry focus• Level of expertise • Customer service
orientation• Ability to get the job
done• Cost base
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Niche Players
• Industry focus• Level of expertise • Customer service
orientation• Ability to get the job
done• Cost base
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www.harveyingram.com
Niche Players
• Industry focus• Level of expertise • Customer service
orientation• Ability to get the job
done• Cost base
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www.harveyingram.com
Niche Players
• Industry focus• Level of expertise • Customer service
orientation• Ability to get the job
done• Cost base
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Niche Players
• Industry focus• Level of expertise • Customer service
orientation• Ability to get the job
done• Cost base
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New industries?
Smart systems and processes:– guiding – advising– drafting – researching– problem-solving
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New attitudes?
Smart systems and processes:– guiding – advising– drafting – researching– problem-solving
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New techniques?
Smart systems and processes:– guiding – advising– drafting – researching– problem-solving
• Semantic web?
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Rainmaking
• Disintermediation• Smart systems• New ways of entering
supply chains • Emergence of “legal
hybrids”
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Establishing a Brand
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Lawyers through time
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