Is Your Iceberg Shrinking? Lessons for Lawyers

Polar bears have a problem. Do online legal service providers & ABSs create a similar problem for lawyers?

Their natural habitat is disappearing. Each year, as the arctic ice melts further and further, there is less and less space for them to live and hunt. A huge problem, I’m sure you’ll agree. But their biggest problem of all is that they don’t have opposable thumbs.shrinking-legal-market-law-firm-uk

Let me qualify that statement. If you or I were living on an iceberg that was slowly melting away, we’d prepare for the inevitable by building a boat and sailing somewhere that was capable of supporting us.

Polar bears can’t. They don’t have opposable thumbs.

But polar bears aren’t the only species trying to eke out a living on a melting iceberg – traditional, smaller law firms are facing exactly the same problem.

With declining turnover due to a poor macroeconomic situation and Legal Aid budgets under attack, their iceberg is shrinking at an alarming rate.

Not only that, but traditional law firms are facing an additional problem that polar bears aren’t – more polar bears with better hunting skills.

With the introduction of ABS and online legal service providers like legalzoom.com (which is on its way to the UK), competition for space on the iceberg is increasing, and will continue to do so.

So, unlike polar bears, it’s time for smaller law firms to start using their opposable thumbs and get the boat built.

If you haven’t already started, it’s time to start thinking about putting your thumbs to work and start building your boat.

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Posted in The changing legal market.