What are some of the major trends that will impact the legal services industry in 2020 and the coming years? Let’s take a look!
With the higher demand and growing costs of litigation, some method to streamline the process was necessary. Enter electronic discovery, aka E-Discovery. With real-time updates and the ability to access information from your mobile devices, electronic discovery seems poised to break through into the mainstream this year.
More Law Firms Will Seek to Outsource Routine Legal Work
Law firms, of course, will still be the biggest player in providing legal services. But the costs related to litigation can be reduced by outsourcing some of the routine legal work typically provided by associates and paralegals. Clients will love this because it reduces their billable hours and attorneys will enjoy being able to take more cases and have fewer responsibilities when it comes to organizing case files.
Billable Hours No Longer Paramount
Billable hours have always been the lynchpin of a law firm’s business model. However, as more alternative legal service providers enter the fray and prove their worth to both clients and law firms, other billing practices become more commonplace. Today, more legal providers are billing their clients on either contingency or per case.
The Speed of Information
With the advent of machine learning, big data, and computer technology come advances in the way that information is accessed and modeled. This has resulted in many extraordinarily time-consuming tasks becoming much more efficient. Today’s attorneys can access their entire case file from their phone, going through and even annotating information as they sip their morning coffee.
A Data-Centered Approach
Technology has created so much data that we now need new models to sort and absorb this data. New types of data are emerging from the ashes of PDFs and paper. Modern litigation is completely data-centric. Legal providers are now investing their capital in data storage, analytics, and security measures to safeguard that data.
The Client Demands and the Market Provides
Clients are demanding more from their attorneys and asking to pay less. Since law is such a competitive field, they will get what they want regardless of what the attorney wants.
In years past, reputation mattered more than anything. Word-of-mouth advertising was king. Today, that’s still true, but with the number of options available, clients can be more selective if they can cut costs related to litigation. That’s where a streamlined approach comes into play.
Schedule Legal Services Today
If you’re interested in reducing costs to your clients and streamlining your processes, call the litigation support firm of A. William Roberts, Jr. & Associates (AWR) today. We provide a full range of legal services, from court reporting and depositions to trial animation, virtual conferencing and more.