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On 10 April 2013, LexisNexis held its first roundtable on the Future of Law. The panel was composed of practitioners, educators, influencers in the regulatory world and suppliers to the market. It was chaired by Nick West, Director of Legal Markets at LexisNexis.
The panellists were asked to consider how much legal work is likely to be completed by non-lawyers in 2025 – by examining where we are currently, identifying trends and predicting how the market is likely to be shaped in the future.
They were then split into two groups and asked to compare and contract ideas. After 45 minutes the two groups were brought back together to discuss their findings.
The panel agreed that the market is stagnating. It was suggested that in the past there was an “us and them” culture adopted by the Magic and Silver Circle firms. However, post-Lehman, the market changed: the power was no longer in the law firms but in the hands of General Counsel and the individual. The market is now buyer-led and the buyer wants to engage with the law firm in a way that suits them. It is likely the new generation will be more comfortable conducting their business digitally, and so law firms will need to meet this need and quickly.
Interestingly, though, the point was made that whilst clients will enquire about new models in a law firm they will often ask to complete the business through the traditional p
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