Here’s the first evidence based on projections of market share showing why BigLaw firms must start remaking their business model now. And by implication, the consequences of not doing so. Where the market shares of the major players in the legal services industry are headed in the next 10 years makes a major and urgent case for traditional commercial and corporate law firms to act sooner rather than later.
Billable hours have gone the way of the horse-hair wig. Corporate clients don’t understand why their counsel can’t operate with as much efficiency as any other business, and individuals prefer to buy legal services as a commodity rather than risk a bill that might snowball over months or years. The market demands change, so alternative fee arrangements are the new standard.