The pace of innovation within Australia’s legal industry is now faster than ever before. But, collectively, as an industry, are we ready for the future of law? Dauntingly 36% of law firm business models are not fit-for-purpose when it comes to the demands of the future.
In March 2014, we surveyed 102 Australian senior staff and partners across medium to large law firms, to try and uncover what Australian law firms could look like in the future. Respondents were asked to make predictions on the future direction of their own practice and share thoughts on how the industry could change within the next 30 years. And, with disappearing legal libraries, virtualised practices and consumers in control, 2044 is likely to look very different from today.
69% of practitioners agreed, the pace of innovation today is faster than at any other point in the last 10 years. There was acceptance this would continue into the future, with 60% predicting it would be faster still in 10 years time with the likes of virtualised law firms with no physical office space. 44% of those questioned also predicted their firm’s legal library would ‘virtually disappear’ by 2044 due to the increase in digital and online information sources.
Check out our infographic which snapshots the potential look of the Australian legal landscape in 2044.