There’s no crystal ball for the legal industry, just as there’s none for life. That said, industry trends don’t arise out of the ether — they develop over time. These trends collectively form the basis for estimations about what the future of the legal industry will look like.
These industry insiders have studied the trends, and they lent us their insights into the future of law. Take a look:
Jay Arcata, Lawyer and VP of Client Relations at BX3 Capital
“The future of the legal industry continues to unfold, as we are seeing the Big Four accounting firms continue to gain global market share in the legal services sector. Over the past several years, the Big Four have risen to become the most serious competition to traditional providers of legal services. In the United States, ethics laws generally prevent lawyers and law firms from sharing fees with non-lawyer (e.g. accounting firms) and prevent lawyers and non-lawyers from partnering if any of the activities of the partnership consist of the practice of law. There are signs that some states, including California, could be considering relaxing these ethics laws, which could open the floodgates for the Big Four on the domestic front.”