Law Firms Face Disruption as Demand Shifts and New Technologies Emerge
• The legal industry is undergoing major changes - law firms must adapt quickly or risk falling behind like Pan Am Airways • Demand has shifted from transactional practices to counter-cyclical areas like litigation and bankruptcy • Law firm rates are rising rapidly, but realization is falling as clients push back on costs • Expenses and staffing approaches vary drastically between large and midsize firms • The potential impact of generative AI remains a huge open question mark for the legal industry's future