George Beaton's address to the 2016 Conference of Council, Law Institute of Victoria
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My address focuses on positive themes explaining why and how law firms should start remaking how they serve clients in better, faster, cheaper ways.
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George Beaton's address to the 2016 Conference of Council, Law Institute of Victoria
- 1. Remaking Law Firms – imperatives and opportunities in a digital age Dr George Beaton Senior Fellow, Melbourne Law School Partner, Beaton LIV Conference of Council 2016
- 3. March 2016
- 4. What is a business model? Business model ≠ strategy Informs how firms make money by: Winning work Doing work Leading and governing
- 5. 10 Hallmarks of the BigLaw business model 1. Personal brands 2. Lawyers sell and produce 3. Hourly rates 4. Legal excellence 5. Top legal talent 6. Leveraged full-time lawyers 7. Sustaining technology 8. Sustaining processes 9. Partnership 10. Few equity partners 1. Partner-centric 2. Lawyer-centric 3. Clients bear the risk 4. Culture of perfection 5. High salaries 6. High fixed cost 7. Innovation laggards 8. Lawyer efficiency 9. Profit today expectations 10. PPEP maximisation How work is won How work is done How firm is governed Hallmarks Consequences ….which describes (almost) all law firms today DISRUPTIVE INNOVATION & RISE OF NEWLAW | 10 HALLMARKS OF BIGLAW BUSINESS MODEL © 2016 Beaton
- 6. The rise and rise of NewLaw business models… Dispersed talent providers Process outsourcers Document providers Artificial intelligence providers DISRUPTIVE INNOVATION & RISE OF NEWLAW | RISE AND RISE OF NEWLAW
- 7. Hallmarks Consequences 1. Corporate brands 2. Separate sales and production 3. Alternative fee arrangements 4. Commercial relevance 5. Business savvy talent 6. Flexi lawyers 7. Disruptive technology 8. Processes re-engineered 9. Corporate ownership 10. Non-lawyer shareholders 1. Not key person dependent 2. Effective division of labour 3. Risk shared with clients 4. Culture of efficiency 5. Market-based salaries 6. Variable cost 7. Early adopter 8. Lean culture 9. Shareholder value mindset 10. Diverse perspectives How work is won How work is done How firm is governed DISRUPTIVE INNOVATION & RISE OF NEWLAW | 10 HALLMARKS OF NEWLAW BUSINESS MODEL © 2016 Beaton 10 Hallmarks of the NewLaw business model ….radically changing the way clients are being served
- 8. Some BigLaw firms are not asleep at the wheel! Dispersed talent providers Process outsourcers Document providers Artificial intelligence providers Near shore captives Onshore captives + DISRUPTIVE INNOVATION & RISE OF NEWLAW | BIGLAW FIRMS ARE RESPONDING © 2016 Beaton
- 9. © 2015 Beaton 9 The future is already here – it is just unevenly distributed William Gibson
- 10. Be amongst the first to be advised of the publication of Remaking Law Firms http://www.remakinglawfirms.com/registration/ and receive a complimentary e-copy of NewLaw New Rules