In yesterday’s Financial Post, Jim Middlemiss wrote a very interesting article called “Lawyers must change with times”. In that article, Jim writes about David Galbenski’s new book called “Unbound: How Entrepreneurship is Dramatically Transforming Legal Services Today”. In that book, Galbenski describes the storm that has been brewing for some time: corporations and organizations are no longer going to put up with their external counsel’s fee structure. Galbenski interviewed a series of leading general counsel who shared stark observations that “should raise the hairs on the arms of every managing partner”. It is interesting to note that, the article mentions that the book follows on the heels of Richard Susskind’s book “The End of Lawyers” (recall that Richard Susskind was part of the reason I developed Dynamic Legal Forms, which I have blogged about extensively). Of Galbenski’s predictions, the most notable are:
- The hourly model will come to an end (fascinating, given our latest report on legal fees does not reflect that reality just yet);
- There will be new ways to provide legal services;
- There will be new ways to organize legal services;
- There will be increased pressure to consolidate among legal providers;
- There will be new ways to know about legal services; and
- There will be new categories and types of people will be called on to perform legal services.
Galbenski warns that lawyers who are risk-averse “will suffer”. All in all, I’m happy to hear (and in this case read) that more people are dissatisfied with the current paradigm and that a paradigm shift is in the works (which will catapult Dynamic Legal Forms into the mainstream).