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Published in:
2017 | OriginalPaper | Chapter
The Future of In-House Legal Departments and Their Impact on the Legal Market: Four Theses for General Counsels, and One for Law Firms
Authors : Markus Hartung, Arne Gärtner
Published in: Liquid Legal
Publisher: Springer International Publishing
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Abstract
The legal market is in a state of flux. The “more-for-less” challenge, digitization, Artificial Intelligence (AI) and Big Data, technology, growing compliance needs, the rise of new business models and the growing emphasis on efficiency are only some of the trends that shake up the traditional structures of legal departments and their relationship with law firms and alternative providers of legal services. These significant changes have an undeniable impact on the legal market in its entirety.
From our perspective, the future of legal services will be driven through companies (as clients), maybe even through in-house legal departments. They decide if law firms are holding up to their promise of delivering value for money and will thereby survive the hypercompetitive market, they decide which technologies are useful in the long run, and they decide which services should be provided internally and which should be outsourced to law firms or alternative providers of legal services. Legal departments’ sphere of influence has never been greater, both within the company and with regard to the relationship between companies and law firms.
This chapter introduces four theses on the structure and processes of companies, and one thesis relevant for law firms on how they can position themselves in the market.