HBR white paper: How change is driving opportunity – Market trends shaping the legal landscape
Introduction
In today’s legal landscape, it is common to perceive corporate law departments and law firms as competing forces. But in reality, the relationship between the two is not so dissimilar. Though there are fundamental structural and incentive differences, the big-picture challenges they face – and the solutions available to them – are very much alike.
The legal vertical is experiencing a fundamental shift, with law departments and firms challenged to deliver and justify value to internal and external clients. The push for efficiency across the legal market is palpable, raising new questions around how to effectively manage talent, technology and overhead in a way that is cost effective, yet supportive of established value propositions. Furthermore, the industry is in the midst of a generational shift, with the face of legal professionals morphing as millennials flood the workforce and senior leadership prepares for retirement.
These combined forces have and will continue to create new, transformative opportunities across the legal vertical. This paper explores the distinct market trends impacting law departments and law firms today, and illuminates the actions we believe industry leaders must take in order to stay competitive, sustain profits and continuously drive value for clients and shareholders.
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