While being flattered about being mentioned in this recording, I should not let vanity get in the way of substance.
The facts are that LPOs ARE taking work from law firms. “Stealing” is not the word I would use, but the net flow is work that was being sourced from law firms that is now being sourced from LPOs.
That work WILL NOT go back to law firms again.
This highlights many issues. The greatest is the “stealth” nature of it. Few firms are being really hurt by this trend…for now. But if a firm is unable to deal with new competitors at this level, how will it deal with any future change or deregulation of legal markets.
But wait! That is happening already in the UK. And in the US even new arrival firms like Axiom are proving that there is an opportunity to reinvent the traditional model, without any regulatory changes taking place.
Getting your firm nimble and agile should be the number one priority. Change and competition are going to grow. There will be no excuses – few professions have had the advance notification of change that law has had.
by Edward Brooks