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Legal Trends – Jeff Modisett – Darwin 016
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Summary:
In this Darwin episode of the Evolve Law podcast, Jeff Modisett, CEO of Nextlaw Global Referral Network analyzes trends in the legal industry. Predictions were made that large firms would take over, but technology has actually caused the opposite to occur. We explain what exactly is happening, and how firms can adapt and thrive to the changing industry.
For the latest topics, trends and tech in the legal industry, subscribe to Evolve Law Podcast: A Catalyst for Legal Innovation. Listen as legal experts and leaders share insights about the legal industry. For more information, questions, or suggestions about our podcast feel free to email us at info@evolvelawnow.com
Show Notes:
00:00 Intro
00:28 Barbell effect debunked
00:36 Legal industry consolidated at top, fragmented at bottom
01:42 How do we know we are getting our money’s worth?
02:23 Outsourcing expected to grow
03:24 Firms measure cost not quality
03:44 Amazon prioritizes firms that are innovative
04:14 Law is targeted by disruptive technologies
04:30 Three major trends
05:24 Budget for technology is important
05:52 Ways for small firms to thrive in this technological environment
06:13 Use specialized networks
06:52 Increase reciprocal referrals between members is important
07:50 Use the power of scale
Technology will have a major impact on how things are done.
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Law firms have in a sense become commoditized.
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