Position isn’t destiny — especially times of turmoil.  Eight charts illustrate the true extent of volatility underlying apparent stagnation in legal markets and give an advance peek at the state of play for 2021. This post is the third in a 5-part series, #GreatExpectations for the #GreatReset.  The aim of this series is to provide a shared foundation of fact and data to help envision the market dislocations likely to occur in the current economic…

A dozen charts shed light on how a K-shaped recovery widens the distance between the haves and the have-nots. Part I (216) of this 5-part series (#GreatExpectations for the #GreatReset) provided a broad retrospective on the last downturn for both BigLaw and corporate clients, with emphasis on the socioeconomic context around the legal market.  The next two posts comprise an experiment in format.  Parts II (217) and III (218) are snack-sized…

Before we peer into the 🔮 crystal ball to forecast what awaits legal markets in a post-pandemic future, we first look back to the past for lessons from the last downturn – with a wider lens to better understand how the world around our industry is changing. Now is the winter of our discontent: the worst (😧!) year (🤮!) EVER (😣!!) is finally in the rearview mirror.  Although the first stretch of the new year presages…

#GreatExpectations for the #GreatReset: A five-part series Among Legal Evolution readers, Jae Um has a very large following for the simple reason that no one else has her combination of data mastery, knowledge of strategy, insider perspective, and sheer wit and intelligence.  As is often the case with folks this talented, the demand for Jae’s insights has far exceeeded her available time.  Indeed, for much of the last two years, Jae has been preoccupied with…

As the legal services market becomes more competitive, law firm strategy—or lack thereof—will have real consequences. If we polled business school professors, all would agree that long-term strategy beats short-term strategy, at least over the long-term.  If true, the following two statements ought to be in tension with one another: The traditional law firm operating model is designed to maximize profits for ownership over the short-term.  See, e.g., Jonathon T. Molot, “What’s wrong with …

And they’re poised to do even better. Over the past three years, law firm tech businesses, sometimes called law firm subsidiaries, “New Law” or captive ALSPs, have generated quite a bit of buzz.  See, e.g., Dan Packel, “Big Law Branches Out: Firm Subsidiaries Want a Piece of the $10B ALSP Market,” Law.com, June 25, 2020 (reviewing market entrants); Zach Warren, “The Future is Not Just About Innovation,” Dec. 3, 2020 (noting…

For this week’s feature post (213), Legal Evolution is pleased to welcome new regular contributor Zach Abramowitz, a very talented lawyer-turned-entrepreneur who has spent many years in and around the LegalTech and NewLaw trenches as a founder, consultant, investor, and columnist at Above the Law.…