Like practically every industry, new emerging trends are changing the way legal firms of all sizes are operating, bringing with it plenty of opportunities, but also challenges. Some of the most common issues and challenges facing the legal industry include:
Opening of the Indian legal market
The potential opening up of India’s legal market has been a major talking point of 2017; the government has been aggressively pushing for liberalization. Some of the worries that liberalization could bring include the fear that law firms would meet the same fate as the country’s accounting firms. Setting up alliances with foreign counterparts would also result in loss of referrals.
Alternative billing models
Pressure to rein in legal costs has forced law firms to diverge from the traditional billable-hours model in favour of new alternative billing models such as fixed, flat, blended or capped fees. In order to foster long-term relationships and maximize value, more law firms are embracing alternative billing as a way to meet the needs of cost-conscious clients.
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