Issues and challenges for the legal profession

0
4180
LinkedIn
Facebook
Twitter
Whatsapp
Telegram
Copy link

Dear Editor,

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.

You must be a subscribersubscribersubscribersubscriber to read this content, please subscribesubscribesubscribesubscribe today.

For group subscribers, please click here to access.
Interested in group subscription? Please contact us.

你需要登录去解锁本文内容。欢迎注册账号。如果想阅读月刊所有文章,欢迎成为我们的订阅会员成为我们的订阅会员

已有集团订阅,可点击此处继续浏览。
如对集团订阅感兴趣,请联络我们

LinkedIn
Facebook
Twitter
Whatsapp
Telegram
Copy link