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. Click To Tweet Law firms have in a sense become commoditized. Click To Tweet

 

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  • […] PODCAST: Jeff Modisett, CEO of Nextlaw Global Referral Network, analyzes trends in the legal industry, and how firms can adapt to and thrive in this new reality. […]

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