It is pretty clear that, in the past, lawyers did a great job disrupting themselves. The term “disruption” comes from Clayton Christensen’s observation that the ability of a company to make a higher and higher performing product always outstrips the ability of customers to make use of these performance improvements. As technology pushes a product’s performance … Continue reading Are Law Firms as Profitable as They Could Be?
As published on The Lawyer's Daily. A more concise version of a previous article. -- In early 2016, Archer Daniels Midland ("ADM"), a Fortune 50 company, were working with 700 law firms. Six months later, they were working with only 20. Last year, Microsoft brought in 12 of its top law firms to ask "what … Continue reading The Industrialization of Law
[This article previously appeared on Slaw.com] “Competitive markets are not much fun for sellers” – Richard Posner It’s common knowledge that the billable hour is holding back the profession. Additionally, it’s clear that professional conduct rules insulate lawyers, prevent other professionals from getting involved, and stifle innovation. Yet, despite the billable hour still going strong and … Continue reading The Industrialization of Law
[This article also appears in Legal Business World] In this essay I want to explore what I think is perhaps the most influential factor changing the legal market: the number of lawyers in the marketplace. When a market supply increases faster than its demand, the market value of a product or service decreases. The supply … Continue reading An overlooked factor