Future prospects for the business of law are exciting. Client needs are increasingly complex. Emerging trends in the "internet of things," cyber-physical systems, 5G networks, and new global value chains and trade flows are creating entirely new categories of legal needs — each presenting opportunities to build new services. Firms that are up to the challenges will thrive in this future. This session builds on research undertaken within the University of Cambridge and through the International Bar Association on what the law practice of the future will likely look like and how it can meet these new needs. Many (but not all) law firms that dominate the world's major legal services today will still do so in 2025, but their management structures, processes and technologies will be significantly different. The session will guide strategic decisions needed to balance economic performance today with competitive advantage tomorrow.
Objectives:
- Examine how to think about the future through scenarios rather than forecasts/predictions.
- Identify which technologies are likely to have the greatest impact on the practice and the business of law by 2025.
- Breakdown how geography impacts the business of law and how trends in legal services differ across different markets, especially emerging markets.
Audience: Intermediate
Other Information:
60 Minutes
CLM App Management Category -FS: Legal Industry/Business Management
CPE Field of Study: Business Law
​Rob Millard
Rob Millard is Director of Cambridge Strategy Group, a management consultancy based in Cambridge, England. He is an active member of the MIT Legal Forum at the Massachusetts Institute of Technology. Millard's practice insofar as it involves the future of law firms has evolved from simply speaking on this topic, to being a sought-after strategic advisor to firms transitioning their business models to the more complex, dynamic and sometimes opaque client legal needs being induced by advances in digital technologies.
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