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Legal Industry 'Ripe for Disruption'
Reports from Legalweek '23 paint a picture of a global legal market "ripe for disruption."
While the law firm model has historically rewarded inefficiencies, recent trends show that model is reaching its expiration date, Patrick Fuller, vice president and general manager of ALM Intelligence, told the audience at Legalweek's annual State of Industry address.
What's more, it's clear that pandemic-era growth has come to an end. After two years of double-digit growth, revenue per lawyer in 2022 dropped in the red to negative 0.6% — and changes in the way legal services are delivered will likely further disrupt fee arrangements and the infamous billable hour going forward.
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