The Post-Pandemic Law Firm

The Post-Pandemic Law Firm looks at how law firms can make a paradigm shift, adopting an entirely new business model that focuses on providing outcomes, outputs, and results to their clients and internally places the wellbeing of their team as a cornerstone to the future long-term success and sustainability of the legal profession.

The COVID-19 pandemic has undoubtedly had a seismic and lasting impact on how the business of law is conducted. Whilst 2020 certainly expedited changes that were already trending – flexible work schedules, fully-remote offices, revised resource allocations, new client expectations – it also forced firms to adopt practices, methodologies, and strategies that pre-COVID they insisted they could not.These changes are not only here to stay but have become the expectation. Law firm attorneys, staff, and indeed clients are no longer interested in a traditional office, nor the practices that typically occurred within them. The modern law firm needs to evolve with both employee and consumer expectations in order to stay abreast with the post-pandemic world.The Post-Pandemic Law Firm looks at how law firms can make a paradigm shift, adopting an entirely new business model that focuses on providing outcomes, outputs, and results to their clients and internally places the wellbeing of their team as a cornerstone to the future long-term success and sustainability of the legal profession. Chapters include changes to business models, virtual and remote working, how the pandemic has affected women in the profession, the future of dispute resolution, M&A activity and changes to pricing models – all authored by highly respected practitioners in the modern legal system.For those law firms leaders and lawyers that realize a ‘return to normal’ is exactly the wrong approach, there is an opportunity to create a brighter future where work–life balance, market innovation, and smart use of technology will define the law firm of the future.

Executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . viiAbout the authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . xiChapter 1: COVID-19 and the rise of the 21st century law firm . . . . . . . . 1By Wayne Hassay, Maguire Schneider Hassay, LLPThe seeds of innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2And then there was a pandemic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3The rise of the pandemic-era law firm................................. 4The rise of the 21st century law firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Chapter 2: Pricing and business model change post-COVID-19 . . . . . . . . 9By John Chisholm, John Chisholm ConsultingSome perspective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9The “OldLaw” business and “pricing” model . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Maybe not really fee pressures but predictability pressures? . . . . . . . . . . 12Did the business model change during COVID-19? . . . . . . . . . . . . . . . . . . . 12The post-COVID law firm: timeless . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Incentives matter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14Some firm-wide Key Predictive Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Individual Key Predictive Indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Some practical tips if you really want to move to a post-COVID timeless model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Final comment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Chapter 3: Never let a good crisis go to waste – creating value from the COVID-19 experience . . . . . . . . . . . . . . . . . . . . . . . . . . 23By Stuart Wilson, chief executive officer, BIRACOVID-19 change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23What’s next? Seven strategies for the post COVID-19 law firm . . . . . . . 24Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Chapter 4: The pandemic – a Trojan Horse for advancing diversity and inclusion? ................................................... 33By Patricia K. Gillette, author and inspirational speakerUsing remote work models to advance diversity goals . . . . . . . . . . . . . . . . 34Using the momentum of social movements to advance diversity . . . . 37Chapter 5: Law firms of the future (and other legal business models) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43By Yvonne Nath, consultant, LawVision and CEO, ALSP AdvisorA brief overview of the evolving law firm model in the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Pressures shaping legal service providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44Other viable legal business models . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48Exploring other legal business models in more depth . . . . . . . . . . . . . . . . . 53In conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56Chapter 6: The fledgling post-pandemic law firm – status quo or brand new normal? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59By Mary Juetten, Singular Law GroupStart with the end in mind . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59What is client-centric? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60What is ABS? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61Why ABS? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62What does ABS mean for virtual firms? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Getting started . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64Create a solid foundation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65Build it and they will come? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66Virtual versus technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66How much virtual is too much? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66More on subscription business plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67Chapter 7: The value of non-legal skills in the management of law firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69By Jon Whittle, Jon Whittle Consulting LtdWhy is there a problem? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Why commercial skills matter now . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70What does “normal” look like? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72What should law firms do to make themselves fit for the post-pandemic market? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73Next steps on the journey to commercial success . . . . . . . . . . . . . . . . . . . . . 74Chapter 8: Dispute resolution from A to Z – will remote practice prevail? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77By Mary Juetten, TraklightWhy “alternative”? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77Preventative dispute resolution........................................ 78Technology and artificial intelligence (AI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79Mediation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80Collaborative law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Online education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81Small steps forward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82Beyond ZDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83Evaluating the staying power of remote . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83Chapter 9: M&A activity post-pandemic – the future landscape of law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85By Viv Williams, Viv Williams ConsultingStructural change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86Succession crisis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86Utilizing a non-executive director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87Professional indemnity premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88Market disruption . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89Cost efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90Consumer choice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90The consolidators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91Chapter 10: Thriving in a post-pandemic world – cutting-edge law practice areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93By Sally Kane and Ashley B. Jordan, Reed Smith LLPA new era of law practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93Insurance recovery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94Cyber law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96Labor and employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97Private equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98Regulatory and compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99Intellectual property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100Health law . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101Chapter 11: A happy, profitable law firm – no, really .................... 103By Debbie Epstein Henry, founder, DEH Consulting, Speaking, WritingIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103Luxuriate in the billable hour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104Invest in your firm culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105Facilitate connection and personal development . . . . . . . . . . . . . . . . . . . . . 105Create a work–life career continuum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106Embrace the flexible remote lawyer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107Perpetuate the inventive spirit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108About Globe Law and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109