This post is to wrap up and conclude my series on why there will be fewer law firms at the end of 2017 then there are today. I felt it necessary to write on these issues because, to be blunt, I’ve been surprised by the number of attorneys who aren’t recognizing trends impacting the legal profession. Those who don’t stop and pay attention to the situation are sitting in the same position as this guy:
Personally, I would suggest that people change their situation before the bomb that their sitting on goes boom. If you choose not to change seats then……..well……..yuck.
I’ve looked at a number of topics over my recent articles. Topics I’ve covered include:
- Why law firms will fail in 2017
- How cultural changes are reducing the need for attorneys
- How technology changes are reducing demand for legal services
- How automation is replacing lawyers
- How law firms can survive in the new economy
Why am I saying that 2017 is the year the legal profession goes “thud?” Simple, many of the trends I discussed in this series have been creeping along for years but, for reasons I’ve discussed in these posts, those trends are now kicking into overdrive. Numbers don’t lie. This is the year when things start to boil over.
What do I see the future looking like? Personally, I think many will be forced to leave the legal profession and find something else to do for a living. I agree with an article I read, which was shared with me by Nicole Aboud, that some will be service providers in a world where legal services are essentially a commodity. Such lawyers will essentially be providing services at very low prices (similar to what a “tax preparer” at H&R Block does currently). I think there will be a small portion of the attorney population which succeeds and makes a boatload of money. Over the coming weeks I’ll be publishing articles discussing how to market and manage your firm in a way which allows you to join this last group.
The changes I’ve discussed in this series are coming and there is no way around it. What are you going to do to be ready? Please chime in through the comment form below.