Bloomberg Law
May 18, 2020, 8:31 AM

ANALYSIS: Can Innovation Save Law Firms?

Meg McEvoy
Meg McEvoy
Legal Analyst

Last year, I wrote that in 2020, innovative would be the new prestigious, with successful firms disaggregating and streamlining work to cut costs. But as the economy reels and in-house budgets tighten, innovation may now be law firms’ key to survival.

The Great Recession prompted changes to the legal industry that persist today, such as legal operations and the rise of offshoring, alternative legal service providers (ALSPs), and alternative fee arrangements. If this recession dwarfs the last one, even more innovative change is needed.

“Firms are not going to be able to discount their way out of this,” ...

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