Future Legal Market will increasingly need what we have coined "innovative Counsel" to deliver hybrid solutions to clients

20/10/2021

Corporate / Commercial Law

Future Legal Market will increasingly need what we have coined "innovative Counsel" to deliver hybrid solutions to clients

Our view is that the Legal Profession will increasingly need what we have coined "innovative Counsel" to deliver hybrid solutions to clients. The opportunity exists for forward-thinking lawyers to upskill so they become uniquely positioned to be more proactive in helping to guide businesses as part of corporate governance at the board level.

James D. Ford GAICD

Founder, M.D. & General Practice Lawyer

Clients will need a broader range of Board-Level Advice

As business evolves, it is becoming more dynamic, complex, digital and multi-jurisdictional.

Law Firm services have traditionally been reactive to either:

✅ Address legal problems as they arise; or

✅ Mitigate the risks of business decisions that have already been made …

In the future clients will be seeking more value from their professional advisors.

Lawyers who have dedicated the time + effort to acquire the necessary hybrid (non-legal) skills to become what we call an innovative Counsel will be in a unique position to engage with their clients at the board level where they can help navigate a safe + profitable route through uncharted waters.

The following selected quotes have been extracted from the Lawyers Weekly article ^ "Future legal market ‘will not be pure law" by Emma Ryan:

“Google, AI and assorted alternative legal structures can give clients legal information.
The ‘law’ partner of the future will have to be so much more than just a lawyer.”
“I’ll be speaking about the how-to of wisdom, the how-to of influence, the how-to of asking the right questions and my observations of what the corporations and businesses I work with in the US, Europe and Asia are increasingly looking for from their ‘legal’ advisers,” Dr Murray said.
He noted that these are important themes for legal professionals to start thinking about if they’re not already.
“Because otherwise, unless they work in very highly specialised areas of law, or for from one of the 10 or so mega-firms of the near future, there’ll be no work left for them,” he said.^

Strategy + Risk are two sides of the same coin

When any new business strategy is considered, especially a business strategy in a new market (outside of the traditional market in which the business has operated) part of the analysis always involves detailed consideration of the risks.

Q: What are lawyers experts at identifying + mitigating?
A: Risks

What is an innovative Counsel [iC]℠?

“The professionals who develop into really great client advisors are deep generalists.

They develop a unique blend of knowledge depth and knowledge breadth.”

Quote from Warren Bennis (in conversation with Andrew Sobel).

innovative Counsel [iC]℠

⩴ A multi-disciplinary, 🚀 proactive + 🎯 value-focused lawyer & corporate governance advisor

⩴ deep generalist …

We invite our legal colleagues who are curious to learn more to contact us to discuss what it means to become an innovative Counsel.

innovative Strategies will be needed to Prosper Long-Term

A recent U.S. study 📉 of 35,000 companies in the US found 1 in 3 companies fail every 5 yrs, + average company life expectancy is down from 55 yrs (1970) to less than 35 yrs today.

How❓

Direct your board's attention to #Governance renewal beyond #BestPractice such as the following:

✅ Cohesion

~ A clear + common #Purpose. Plan for #Succession

✅ Prudence

~ Avoid severe risks. Long-term focus

✅ Adaptiveness

~ Ensure #Culture is inquisitive, supports experimentation + #Inclusion of a #Diversity of perspectives

✅ Embeddedness

~ Get the business socially embedded. Make it #Sustainable, #Transparent + #Connected

➲ determine + create an ideal #WorkCulture (think #EnterpriseArtistry) +

➲ identify, select + maximise 🌊 Blue Ocean opportunities via our Blue Ocean Strategy Australia® partnership

Further Reading: FAQ: What lies ahead for the future of the legal profession?

^ Source: Future legal market ‘will not be pure law’ by Emma Ryan, Lawyers Weekly | 20 September 2017

Social Sharing Image: Courtesy of Conscious Design on Unsplash

Credits: This blog article was written by James D. Ford GAICD | Principal Solicitor, Blue Ocean Law Group℠.

Important Notice:

This blog article is intended for general interest + information only.

It is not legal advice, nor should it be relied upon or used as such.

We recommend you always consult a lawyer for legal advice specifically tailored to your needs & circumstances.