Competing with New Market Entrants<\/span><\/h2>\nCountless courageous entrepreneurs and lawmakers have also grown wearisome of the innovation resistance.<\/span><\/p>\nAs market entry requirements have relaxed, a groundswell of Alternative Legal Service<\/span> Providers has come to split the pie. ALSPs break down lawyer\u2019s task lists and apply new technologies to modify and automate. Document review, contract management, IP applications, and more are all readily available from technologically proficient alternatives.<\/span><\/p>\nSimilarly, robot lawyers and DIY legal platforms compete with lawyers on pricing. The likes of DoNotPay and<\/span> Nolo allow clients to file simple claims and construct legal documents using templates and automation reducing the need for costly expertise.<\/span><\/p>\nEach new entrepreneur drives a need for the legal industry to evolve or risk losing market share. Regardless of the response, the newfound competition rewards clients.<\/span><\/p>\nEmerging Lawyers Bring a New Skill Set<\/span><\/h2>\nGraduating from law school and passing the state bar used to produce relatively homogenous talent. Firms choose from recruits with varying standards of the same skill set. That is not the case anymore.<\/span><\/p>\nToday\u2019s law school graduates are taught and motivated differently. They are aware of the opportunity technology brings to law and are equipped to operate most pioneering tools. This skill set will contribute to an earlier than expected ascendancy into leadership roles.<\/span><\/p>\nTo satiate the appetite for leveraging technology and interest in climbing the ranks, recent graduates apply to forward-thinking firms. They believe innovation-forward firms will develop their careers quickly and will lead the legal markets soon. If firms want to attract top legal graduates, they must subscribe to an innovative mindset.<\/span><\/p>\nSlowing Enrollment Rates to Law Schools<\/span><\/h2>\nLaw school entrants grew from 20776 in the 60s to a peak of 52,404 in 2010. In 2020, that figure now stands at 38,202, a 27% drop in just a decade.<\/span><\/p>\nThe marketplace of emerging legal talent is drastically reduced. The reduction of talent availability means that firms are having to find innovative ways of providing services. Time-consuming processes are first on the chopping blocks. Though resource-heavy tasks have been in the crosshairs of emerging AI and automation software, it is no longer an option to modify. It is a must.<\/span><\/p>\nLaw firms are searching for tools to automate as many tasks as possible to ensure the legal minds are available for income-generating work. After years of defiance, law firms must innovate quickly to avoid a human resource shortage.<\/span><\/p>\nMeeting the Social Needs of Lawyers<\/span><\/h2>\nThe unspoken reality of life as a lawyer is of hardship and mental health struggles. The hours are long. The cases are stressful, and the pressure is mounting. Fortunately for lawyers, the public interest in matters of mental health is diagnosing the depression and substance abuse rife throughout the industry.<\/span><\/p>\nThe truth about mental health is forcing the hand of firms who historically turned a blind eye to wellness needs. Firms are now compelled to find ways of relieving the mental burden if they want to keep their talent.<\/span><\/p>\nLaw firms are turning to innovative technology to assist lawyers to reduce their work and travel schedule and improve remote work flexibility. HR departments are requested to develop policies and strategies that help maintain the mental health of the legal practitioners. This is bringing new investment in health and wellness programs as part of a reimagining of the recruitment packages offered.<\/span><\/p>\nIn Conclusion<\/span><\/h2>\nThe irony of the previous innovation resistance is that it contributed to the divestiture of the legal markets and fuelled an urgent demand for innovation today. While law firms may not have been drivers of the original innovative behaviors, clients and competitors have made a growth mindset compulsory.<\/span><\/p>\nIn response to the call for creative invention, firms are scrambling to get ahead. The gap between invention and the application of innovations is narrowing quickly. To secure a legal firm’s future, seizing the opportunities created by innovation is a necessity.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"\u201cThe future belongs to those who seize the opportunities created by innovation.\u201d The legal industry has long been mired in conservatism when it comes to innovation. Nothing necessitated a disruption of the healthy flow of profits, the excessive hours, or archaic traditions. But that has all changed. Innovation is now a major concern because the […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[99],"_links":{"self":[{"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/posts\/40426"}],"collection":[{"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/comments?post=40426"}],"version-history":[{"count":2,"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/posts\/40426\/revisions"}],"predecessor-version":[{"id":73197,"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/posts\/40426\/revisions\/73197"}],"wp:attachment":[{"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/media?parent=40426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/categories?post=40426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oracleglobe.com\/wp-json\/wp\/v2\/tags?post=40426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}