Can lawyers really change their spots?
The legal world is going through a huge amount of uncertainty at the moment, driven by regulatory change, new ownership rules and competition. This is an industry that hasn’t changed for decades and gets a bad press from you and I: think Partners ruling the roost, huge hourly fees, pin stripe suits and ridiculous wigs.
Stuck in a time warp
Current circumstances mean the legal industry needs some help and in the last 6 months I’ve met hordes of Lawyers. In reality, I have never met a more open, accessible bunch of people who are keen to talk. Change is new to many of them, especially change on this scale. Other sectors are well versed in the world of outsourcing, off shoring, six sigma, NLP.etc… but it’s as if the majority of the legal world has been stuck in a time warp.
I’ve had the pleasure of meeting hugely impressive, ambitious and articulate leaders who have a clear vision of where they want to get to. They have seen a gap in the legal sector, as have a number of private equity firms, who have started to enter the fray.
The challenge that these firms now face is how to lead the change? This is about culture, investment, communication and articulating a vision so clearly that people dust off the cobwebs from their shoulders and get on the bus.
One CEO recently told me that he is taking his firm from £50 to £200m revenue over the next few years. I believe him.