The Post-Pandemic Law Firm

By (author) Wayne Hassay, John Chisholm, Stuart Wilson, Patricia Gillette, Yvonne Nath, Mary Juetten, Jon Whittle, Viv Williams, Sally Kane, Debbie Epstein Henry, Ashley Jordan Edited by Alex Davies

Publication date:

13 October 2021

Length of book:

130 pages

Publisher

Globe Law and Business

Dimensions:

234x156mm
6x9"

The COVID-19 pandemic has undoubtedly had a seismic and lasting impact on how the business of law is conducted. Whilst 2020 certainly expedited changes that were already trending – flexible work schedules, fully-remote offices, revised resource allocations, new client expectations – it also forced firms to adopt practices, methodologies, and strategies that pre-COVID they insisted they could not. These changes are not only here to stay but have become the expectation. Law firm attorneys, staff, and indeed clients are no longer interested in a traditional office, nor the practices that typically occurred within them. The modern law firm needs to evolve with both employee and consumer expectations in order to stay abreast with the post-pandemic world. The Post-Pandemic Law Firm looks at how law firms can make a paradigm shift, adopting an entirely new business model that focuses on providing outcomes, outputs, and results to their clients and internally places the wellbeing of their team as a cornerstone to the future long-term success and sustainability of the legal profession. Chapters include changes to business models, virtual and remote working, how the pandemic has affected women in the profession, the future of dispute resolution, M&A activity and changes to pricing models – all authored by highly respected practitioners in the modern legal system. For those law firms leaders and lawyers that realize a ‘return to normal’ is exactly the wrong approach, there is an opportunity to create a brighter future where work–life balance, market innovation, and smart use of technology will define the law firm of the future.

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vii About the authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xi Chapter 1: COVID-19 and the rise of the 21st century law firm . . . . . . . . 1 By Wayne Hassay, Maguire Schneider Hassay, LLP The seeds of innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 And then there was a pandemic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The rise of the pandemic-era law firm................................. 4 The rise of the 21st century law firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Chapter 2: Pricing and business model change post-COVID-19 . . . . . . . . 9 By John Chisholm, John Chisholm Consulting Some perspective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 The “OldLaw” business and “pricing” model . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Maybe not really fee pressures but predictability pressures? . . . . . . . . . . 12 Did the business model change during COVID-19? . . . . . . . . . . . . . . . . . . . 12 The post-COVID law firm: timeless . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Incentives matter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Some firm-wide Key Predictive Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Individual Key Predictive Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Some practical tips if you really want to move to a post-COVID timeless model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Final comment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Chapter 3: Never let a good crisis go to waste – creating value from the COVID-19 experience . . . . . . . . . . . . . . . . . . . . . . . . . . 23 By Stuart Wilson, chief executive officer, BIRA COVID-19 change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 What’s next? Seven strategies for the post COVID-19 law firm . . . . . . . 24 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Chapter 4: The pandemic – a Trojan Horse for advancing diversity and inclusion? ................................................... 33 By Patricia K. Gillette, author and inspirational speaker Using remote work models to advance diversity goals . . . . . . . . . . . . . . . . 34 Using the momentum of social movements to advance diversity . . . . 37 Chapter 5: Law firms of the future (and other legal business models) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 By Yvonne Nath, consultant, LawVision and CEO, ALSP Advisor A brief overview of the evolving law firm model in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 Pressures shaping legal service providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Other viable legal business models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Exploring other legal business models in more depth . . . . . . . . . . . . . . . . . 53 In conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 Chapter 6: The fledgling post-pandemic law firm – status quo or brand new normal? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 By Mary Juetten, Singular Law Group Start with the end in mind . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 What is client-centric? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 What is ABS? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 Why ABS? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 What does ABS mean for virtual firms? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 Getting started . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 Create a solid foundation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 Build it and they will come? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 Virtual versus technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 How much virtual is too much? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 More on subscription business plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Chapter 7: The value of non-legal skills in the management of law firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 By Jon Whittle, Jon Whittle Consulting Ltd Why is there a problem? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Why commercial skills matter now . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 What does “normal” look like? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 What should law firms do to make themselves fit for the post-pandemic market? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Next steps on the journey to commercial success . . . . . . . . . . . . . . . . . . . . . 74 Chapter 8: Dispute resolution from A to Z – will remote practice prevail? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 By Mary Juetten, Traklight Why “alternative”? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 Preventative dispute resolution........................................ 78 Technology and artificial intelligence (AI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Mediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 Collaborative law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Online education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Small steps forward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Beyond ZDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Evaluating the staying power of remote . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Chapter 9: M&A activity post-pandemic – the future landscape of law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85 By Viv Williams, Viv Williams Consulting Structural change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 Succession crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 Utilizing a non-executive director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87 Professional indemnity premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88 Market disruption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 Cost efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 Consumer choice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 The consolidators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Chapter 10: Thriving in a post-pandemic world – cutting-edge law practice areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 By Sally Kane and Ashley B. Jordan, Reed Smith LLP A new era of law practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 Insurance recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 Cyber law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Labor and employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 Regulatory and compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 Intellectual property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Health law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 Chapter 11: A happy, profitable law firm – no, really .................... 103 By Debbie Epstein Henry, founder, DEH Consulting, Speaking, Writing Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 Luxuriate in the billable hour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 Invest in your firm culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 Facilitate connection and personal development . . . . . . . . . . . . . . . . . . . . . 105 Create a work–life career continuum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 Embrace the flexible remote lawyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 Perpetuate the inventive spirit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 About Globe Law and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109