It’s common to believe that resources are needed to nurture creative thinking to develop new opportunities. It’s the opposite that’s true, however counterintuitive: the limitation of resources spawns creative thinking and uncovers opportunities.
There’s another dynamic that inspires creative thinking. It is when it is out of necessity, as when there is a change in customer behavior or the market shifts. Markets shift all the time because that’s the nature of competition and innovation in business. These dynamics are playing out in the legal profession today: corporate legal spending has tightened, which means there’s less work overall while more of that work is being consolidated with fewer outside law firms.
The consequences are rendered in the form of experimental pricing models, process and technologies. To say the legal profession is evolving is an understatement. The economics that began in 2008 combined with the explosion of modern technology and a new generation of attorneys is clearly changing the industry. Consider the following:
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