Legal Transformation Study—Your 2020 Vision of the Future
Thomas Clay, Principal, Altman Weil
Welcome! Please remember these Tweets are in reverse order, so you might want to go to the bottom and work your way up to make the most sense out of Tom’s presentation. I’ll keep working on other sessions, so stop back from time to time, or subscribe to this blog so you will know when I post other session updates.
Note: WordPress continues to lump some of these Tweets together even though I keep fixing it. I apologize for the inconvenience.
joedibiase: RT @nancymyrland: RT @Russ23229: #LMA Clay sez mkters must be provocateurs
nancymyrland: RT @Russ23229: #LMA Clay sez mkters must be provocateurs
nancymyrland: #LMA Marketers shd b submitting material 4 Innovaction Awards. Committee struggles every yr 2 come up w/something really innovative!
lawyerkm: pretty cool >> Check out my law firm’s website homepage…at the bottom… “follow us on Twitter” badge http://www.gibbonslaw.com/ #KM #LMA
nancymyrland: #LMA Marketers should always be at the table to discuss alternative fee arrangements. This is one of the 4 Ps of Marketing!
nancymyrland: #LMA …Cross-functional integrator. Press to start the Innovation train!
Russ23229: #LMA Clay sez mkters must be provocateurs nancymyrland: #LMA Suggestions 4 us: As provocateur. As a (John) Kotter “change” disciple. Drucker-like opp’y developer…. nancymyrland: RT @Russ23229: #LMA At least Clay agrees with Peter Sheahan about acting quickly.
nancymyrland: #LMA Analysis of info & data show these %s are occurring: Clue Chip Mega (26%), Expertopia (23%), EMarketplace (29%), Techno (23%).
salosmom: 20/20 discussion @ #LMA says the current strategic outlook for future of law firms is the “e-marketplace.”
nancymyrland: #LMA Mktrs in the room vote: Blue Chip Mega Mania (hand full of votes) Expertopia (25 votes) E-Marketplace (25 votes) Techno Firm (few)
Russ23229: #LMA At least Clay agrees with Peter Sheahan about acting quickly.
nancymyrland: #LMA Thomas: Book–> Organized Genius, a great book about collaboration.
sarah_johnson28: #LMA wrapping up with 8 fundamental requirements for succeeding and thriving. great presentation.
nancymyrland: #LMA Technology-KM, service delivery. Take long view, but act now.
nancymyrland: #LMA Achieve a leadership position in pricing flexibility. Prof’l staffing flexibility and models-outsourcing, contract lawyers.
nancymyrland: #LMA Thomas’s recommendations: Be Nimble. Align service models. Make CRM a way of life. Relentlessly drive collaboration.
nancymyrland: #LMA Likely scenarios have now been presented based on research. Now figure out what to do with the information?
Russ23229: #LMA Clay brought interesting possibilities, but little of use
nancymyrland: #LMA Snapshot D: Smart technologies abound. Selection based on value and capacity. Lawyers-in-a-box provided by major aggregators.
nancymyrland: #LMA Scenario D-Techno-Law: Aggregated providers & delivery in a hands-off & global environment. Firm is integrated in every biz process.
sarah_johnson28: #LMA 4. techno law. aggregated providers in a global environmet. need firm, but very different. mega provider are big players
nancymyrland: #LMA Scenario C: The E-Marketplace: “This is the scary one.” This is the 1that makes it easy 4 clients to bypass attys by using software.
sarah_johnson28: #LMA 3. e-marketplace. open it up to all people. technology mimicks what a lawyer does.
Russ23229: #LMA Clay’s putting folks to sleep-where’s the enthusiasm? nancymyrland: #LMA In Scenario B-Expertopia, it is hard for new lawyers because how do they break in to the ranks of the experts? nancymyrland: #LMA Scenario B allows for clients 2 b able 2 rate u, some require standards 4 entry 2 play.
nancymyrland: #LMA Scenario B: Expertopia: Disaggregated providers & delivery in a heavy & fragmented regulatory environment.
sarah_johnson28: #LMA 2. expertopia. boutiques ad specialized individuals abound
nancymyrland: #LMA ..to the mega firms, which may or may not be bad.
nancymyrland: #LMA Mega Law Mania is a model many lawyers think will become reality. This shrinks the middle market firms as they become service providers
sarah_johnson28: #LMA “large law firms have done nothing to control costs”
nancymyrland: #LMA Firms have not had to control costs because they’ve continued to raise rates accordingly.
nancymyrland: #LMA Scenarios that could exist: Mega-Firm Mania. Firms have done almost nothing to control costs over the last 15 years. sarah_johnson28: #LMA 4 scenarios. 1st is mega mania. aggregated providers worldwide. nancymyrland: #LMA Thomas Clay–gotta love it. He has some slides that are made for Tweeting, and are titled that way! 🙂
Russ23229: #LMA Altman’s Tom Clay’s really making us wait for any useful study data
nancymyrland: #LMA (Pls excuse typos or other mistakes. I’m trying to type fast to capture data.) 🙂
nancymyrland: #LMA So, the issue is not do you pursue change, but how fast you do it.
nancymyrland: #LMA How much will smart technologies penetrate the legal services market? We are still listening to Thomas Clay from Altman Weil.
nancymyrland: #LMA Which litigation model will prevail globally? Will NGOs shape & influence regul’y regimes?
nancymyrland: #LMA Top Uncertainties, contd: How much will 3rd parties focus on cost? What role will privacy & data security plan in litigation?
nancymyrland: #LMA Will the industry face a skill shortage: #LMA Will the legal profession become deregulated?
nancymyrland: #LMA What will the global economy look like? 2 what extent will non-atty legal service competition move upstream?
nancymyrland: #LMA Top uncertainties: What purchase & deliv’y models will develop 4 legal services? What type of regul’y & compliance envir’t will exist?
nancymyrland: #LMA Increased authority of corp purchasing agents in the legal decision-making process.
Karen_Russell: @meganmckeon: #LMA good advice: let the first thing out of your mouth be your SECOND thought. Thanks for passing on my advice & tweeting!
nancymyrland: #LMA Enhance role of non-lawyer biz mgrs in law firms and law firm depts. Rise in demand 4 diversity in the profession.
nancymyrland: #LMA More trends….Deepened interest in work/life balance. Incrsd Internet-based service deliv’y. Heightened dmnd 4 specialized experts.
nancymyrland: #LMA …and Standardization of legal information.
nancymyrland: #LMA Expanded globalization of legal practice. Heightened demand 4 legal wrk from economic & regulatory forces. nancymyrland: #LMA 10 Trends found in the study..will focus on the most impt 2day. Commoditization of, and within, services. Increased appl’n of techn’y. sarah_johnson28: #LMA 10 trends in the legal industry. 2 major one.
nancymyrland: #LMA Scenario Planning allows us to NOT respond 2 late…the downfall of many. sarah_johnson28: #LMA responding too late to change will be the downfall of many
nancymyrland: #LMA Use scenario planning. Chooses an end date and works backward., how factors & forces work 2gether 2 create new realities.
sarah_johnson28: #LMA differentiators will be very different in 2020
nancymyrland: #LMA Thomas Clay: Differentiators in 2020 are likely to be very difft than we’ve seen before.
jhellerman: Thomas Clay (#LMA sesh: Legal Transformation Study) bio available here: http://tiny.cc/N56a4
sarah_johnson28: #LMA need a plan before you can do scenario planning
AAARenee: #FollowFriday Thanks @meganmckeon @LindsayGriffith @nancymyrland @heathermilligan @SonnyCohen & @CBamePR cuz of u I virtually attended #LMA
sarah_johnson28: #LMA sitting in the legal transformation webinar nancymyrland: #LMA This talk by Thomas Clay was born out of a study that Altman Weil conducted on legal transformation. nancymyrland: #LMA Thomas Clay, Altman Weil: It IS going to change, the question is HOW FAST is it going to change?