With the end of 2019, predictions for the coming year are published everywhere. As we transition from 2019 to 2020, LAC Group Chief Knowledge & Information Officer, Ron Friedmann, contributes to three articles on trends and predictions for the legal industry.
Bloomberg Big Law Business
According to Bloomberg, the legal market in 2020 will see vendors looking to “platformize,” by increasing the number of individual apps and programs they can offer. According to Ron,
“Creating consolidated platforms as an idea gained traction in 2019. Legal tech nonetheless still seems fragmented to me, so I think there are more opportunities to combine.”
Ron is one of many legal industry executives and experts weighing in on themes and changes in 2020, saying that he expects to see greater uptake of legal technology and more start-up funding, along with large firms taking more steps to compete against both peer firms and alternative service providers.
“I’ll go out on a limb with one specific prediction: legal innovation talk will peak but innovation activity will continue, albeit with less noise about it.”
Aderant, a developer of business management software for law firms, has compiled a list of 25 predictions for the legal industry. From client collaboration to virtual assistants, Ron comes in at #16 with his prediction of incremental change, saying the market needs time to absorb and deliver all the new legal products and innovation leads and that the impact will take time to play out. He was also one of contributors to mention reforming law firm ownership rules:
“For 2020 wildcards, watch US states that may re-regulate law firm ownership rules. Outside owners would be big, but the UK experience suggests not market-busting.”