MOVE AWAY FROM THE “OLDLAW” BUSINESS MODEL
I firmly believe as professionals we need to do more than simply tweak our existing business model. I believe that if we, as a profession, are going to continue to be sustainably successful and relevant to businesses, our communities and to society generally, we have to accept and embrace a total mindset and business model change.
The traditional law firm business model, at least since the latter half of the 20th century largely operates by leveraging people x time x hourly rate. I call it the “Oldlaw” business model. For most attorneys and firms this model has worked, and still works, but it is, I believe, a sub-optimal way to run a legal practice. It is increasingly unacceptable to many in the profession and their clients, and is ultimately destined to have the same fate as dinosaurs, BETA and the USSR. These practices are Firms of the Past.
This business model that has served the legal profession well for many decades is deteriorating as many of our organisational and management structures – modelled on the industrial age command and control paradigm – are no longer appropriate, nor acceptable, well into the 2nd decade of the 21st century.
There is a better model increasingly being used by thousands of lawyers and other professionals all over the world, which offers innovative, proven strategies for restoring vitality and dynamism to law firms.
A legal practice can be run more effectively when it becomes a knowledge firm rather than merely a product or service firm.
These practices are Firms of the Future.