The Lawyers Weekly - November 12, 2010

THE LAWYERS WEEKLY
November 12, 2010 | 21

BUSINESS
CAREERS

The recent global economic downturn prompted the most critical review of the business of law in recent memory. Law firms and in-house departments keenly examined the ways they procured, consumed and delivered legal services. Many pundits on the subject even suggested the downturn would have a radical and fundamental impact on the legal marketplace largely due to three interrelated topics; consumer sensitivity to price, increased commoditiza-tion of legal services and the impact of technology on the practice of law. While the consumption of legal services, whether in-house or in private practice, will see changes, ultimately, these are likely to be more incremental than radically transformative.

Broadly speaking, the consumption of legal services can be split into four categories:

1. Individual and personal legal matters (i.e., wills & estates, residential real estate conveyance, etc.), or “Personal Legal Services”;

2. Individuals or small corporations with business interests requiring a broad range of legal services with varying complexity, or “Small Business Legal Services”;

3. The often complex, yet routine, ongoing legal needs of large in-house departments, or “ In-House Legal Services”; and

WARREN
SMITH

&SHEKHAR
PARMAR

4. Complex commercial trans-
actions and litigation, or “Complex
Legal Services.”
Over the last decade we have
seen a movement towards the com-
moditization of many Personal
Legal Services. This movement has
been fuelled by both client demands
for lower prices and technological
advancements, which allow law-
yers to service the client needs
more efficiently. Real estate con-
veyancing is perhaps the best
example of these forces at work.
Software (instead of paralegals)
can now largely automate the
assembly of conveyancing docu-
ments so the lawyer need only
spend a little time on the convey-
ance, thus reducing overhead costs
and price. As a trend, this is likely
to continue. This is a great growth
opportunity for lawyers who can
harness technology and standard-
ization, while staying onside with
their law society obligations.

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more sophisticated, demanding greater efficiencies from all service providers (not just lawyers). The result is a more efficient delegation of work within Complex Legal Services, with work being done by paralegals, outsourced support, and other business professionals to deliver the same quality of legal product to the client.

While price sensitivity will
remain in the delivery of Complex
Legal Services, legal remains a rela-
tively inexpensive transactional
cost when compared against the
fees generated by investment bank-
ers, brokers, or realtors on trans-
actions of a sizeable nature.
Furthermore, given the additional
liability and responsibility borne by
lawyers as compared to other pro-
fessionals, the value for fee remains
quite high when assessing legal
fees. As a result, a radical shift in
billing or billing practices for Com-
plex Legal Services remains
unlikely in the foreseeable future.

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