As the legal industry evolves, few things are certain.

The “2019 Report on the State of the Legal Market” said that traditional law firm models have “broken apart” from new competition resulting in “unprecedented levels” of client and talent poaching. The report urges law firms to “jettison some long-held assumptions and … imagine a new model of how the legal market now works,” suggesting more-dynamic models that adapt to specific client needs, firm strengths and market competition.

Clients are demanding more value for their legal spend reflecting the change in legal services from a seller’s market to a buyer’s market. And according to findings from the “Alternative Legal Services Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity,” the market of alternative legal service providers continues to grow at double-digit rates, and currently totals more than $10 billion in annual revenues.

But by no means is this the beginning of the end for law firms. Quite the contrary, as an increased focus on efficiency and delivering value will yield dividends for those firms bold enough to embrace change and proactively seek solutions.

Legal project management is an increasingly popular attempt to meet these challenges, but addresses only a portion of the challenges. To see beyond project management, read this resource titled A Smarter Practice: Beyond Legal Project Management.

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