The Legal Industry is Starting to Collaborate — Why Now and Why It Matters — from forbes.com by Mark Cohen
Excerpt:
Law Is No Longer Is Immune To Broader Forces Driving Global Change
Law’s insularity—if not its culture—has changed during the past decade with the convergence of the global financial crisis, technology, and globalism. These powerful global macro-economic forces have produced legal disaggregation, segmentation, and a separation of legal practice from the business of delivering legal services-among, other things. Technology has enabled the creation of new legal delivery models whose DNA resembles business more than law.
Some common characteristics among leading new-model legal providers include: a flatter, corporate organizational structure; an economic model aligned with client value; tech-enabled platforms; focus on net promoter score (client satisfaction); institutional capital; agile, multi-generational, multidisciplinary, diverse workforces; data-driven internal and client-facing operations; proactive risk identification/mitigation; and a customer-centric focus. These providers are often referred to as “legal tech” companies. While they are tech-enabled, technology is only part of a broader, holistic process of customer-centric reorganization that drives enterprise value and responds to enterprise challenges.