Earlier this week I was lucky enough to be invited to the Legal Futures conference "New Ways to Practice Law" as a panel speaker alongside the other emerging legal brands. Six months earlier I had attended as a delegate and heard from the regulators and industry commentators. This time the majority of the speakers were speaking about their business models either launched or planned. We heard from Rocket Lawyer - a legal document and lawyer locating service part owned by Google Ventures. In their domestic market in the US, Rocket Lawyer has sold over 30 million legal documents. A similar company, Legal Zoom, claims to be well known by 50% of the American consumer market. We also heard from Legal 365's founder Ajaz Ahmed. A self proclaimed shopkeeper perhaps better known for creating and then selling Freeserve, he brings a very fresh approach to consumer legal services, even though he refused to reveal how his business model plans on attracting new customers. An existing industry provider, Epoq, told the conference that the days of the small local firm is doomed and that the consumer market will be dominated by brands. More than one speaker confirmed the death of the partnership as viable business model.
The delegate list was indeed impressive and although the organisers claimed to have over 100 lawyers in the room, it appeared to me that the majority of attendees were either suppliers or advisers to lawyers, new market entrants themselves or industry commentators. I found myself asking, and tweeting too, whether it was worrying that there weren't more lawyers in the room listening to those very people who will be their threat or opportunity in the post Legal Services Act world. One response was that the lawyers were at work and knew everything they needed to know. A more concerning response is that the traditional suppliers are still playing a waiting game to see if the planned new providers actually enter the market and cause an upset. There is an excellent argument about doing due diligence and not jumping too soon. However, these businesses have either already launched or will be doing so soon so maybe the wait is over.
The one thing that the delegates and speakers had in common is that they now know what the market might look like and are already one step ahead of those who don't think the LSA will affect them. Well done to Legal Futures for another excellent conference and a great line up.
The delegate list was indeed impressive and although the organisers claimed to have over 100 lawyers in the room, it appeared to me that the majority of attendees were either suppliers or advisers to lawyers, new market entrants themselves or industry commentators. I found myself asking, and tweeting too, whether it was worrying that there weren't more lawyers in the room listening to those very people who will be their threat or opportunity in the post Legal Services Act world. One response was that the lawyers were at work and knew everything they needed to know. A more concerning response is that the traditional suppliers are still playing a waiting game to see if the planned new providers actually enter the market and cause an upset. There is an excellent argument about doing due diligence and not jumping too soon. However, these businesses have either already launched or will be doing so soon so maybe the wait is over.
The one thing that the delegates and speakers had in common is that they now know what the market might look like and are already one step ahead of those who don't think the LSA will affect them. Well done to Legal Futures for another excellent conference and a great line up.
No comments:
Post a Comment