Figuring Out Your Place in the Race: What Kind of Law Firm Do You Want to Be?

The “future of law” is the theme of the current issue of Law Practice Magazine. It has an amazing article by Merrilyn Astin Tarlton titled “Figuring Out Your Place In The Race.”

When it comes to wisdom and insights on innovation and the future of law practice, few, if any, know and see more than my friend Merrilyn. This article in a must read for any managing partner or lawyer that wants to figure out what their firm needs to do to innovate and succeed in the practice of law.

In the article Merrilyn says “Frankly, let’s just say right now that what happens to law firms in the future is going to be a whole lot more complex than just a simple tweak to the old pyramid leverage scheme. The future of the business of law is going to be about difference, not sameness. About innovation, not precedent.”

Merrilyn identifies seven possible business models that could make sense give the new realities of the practice of law today. These models give insights into what firms might look like in the future in a very simple, clear and practical way. The seven models are Merrilyn lists are:

1. The Virtual Firm
2. The Retail Firm
3. The Legal Line
4. The Teaching Hospital Firm
5. The Firm’s Firm
6. The Drive-Up Mediation Firm
7. The DIY Firm

For each of these types of firms Merrilyn then makes comments on what they are and do in seven areas:

• What you’re selling
• Who you’re selling it to
• Money-making proposition
• Competitive edge
• What you need
• Challenges
• Of note: Fun possibility

I think the article is brilliant because the suggested business models and their descriptions let you instantly see and understand where your firm now stands and the options it could aspire to. Is your firm in the race? Read the article and ask yourself if you see your firm fitting into one of the models Merrilyn identifies.

There are some other great articles in the “future of law issue” of Law Practice Magazine including Steve Taylor’s article, “Tomorrow: A Sneak Preview,” which has some examples of those already in the race.