Home law in Australia Future of Law Report: What Law Firms Can Expect in 2020

Future of Law Report: What Law Firms Can Expect in 2020

It’s impossible to predict with pinpoint accuracy, events that are yet to unfold. That being so, the past and the present informs the future. Decisions made today mould the future. It is then quite possible to get a small glimpse, to speculate and make informed guesses on what the future will hold.

In this article, we suggest that ceteris paribus, the following events are likely to unfold in 2020.

1. A Move Towards Flat Rate Billing

As firms continue to rely on technological advances to increase efficiency, naturally, billable hours will become less common. You see, the rationale behind this system is that fair compensation for a lawyer should include all efforts made towards furthering the clients’ cause. Technology is expected to take the brunt of all legal work, leaving the lawyer with only one job- to apply their expertise in a particular case.

Flat rate billing will be the more justifiable billing rate.

2. A Less Exclusive Profession

A traditionally exclusive profession, the law is taking a more collaborative approach. As efficiency continues to reign supreme, it will (and already is) become necessary to outsource legal processes. This not only produces better outcomes as it allows experts in certain niches to shine, but it also cuts down on costs and expenses

3. Elder Law Boom

The baby boomer generation is retiring. And as the name suggests members of this generation are many. What can reasonably be expected from this state of affairs is that there will be an influx of elders looking to consult on matters touching on succession, and children seeking to ensure that their ageing parents’ rights are protected.

4. Leveraging On Technology

Firms are expected to further the cause of assimilating technology in their legal processes. Automation of all legal processes that can be automated is expected to continue into 2020. Of course, beyond 2020, this will have implications on the place and nature of the lawyer of the future.

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