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‘Eye of the Storm: How Will Alternative Business Structures Affect Traditional Law Firms’
Arizona has recently stricken the rule barring non-lawyer ownership in law firms from its professional ethics code. Utah is creating a sandbox environment to explore the same option. Mixed ownership law firms are called ‘alternative business structures’, and they already exist in other parts of the world, most notably the United Kingdom. It’s only a matter of time before the traditional lawyer monopoly is broken.
So, if you think it’s hard to compete with the law firm across town, try working against Walmart.
Lawyers have been exceptionally late adopters of both technology and new ideas. But, the chance to continue in that mode of operation has passed.
This is the eye of the storm. It’s your last chance to build a modern practice, before the Walton family comes for you.
Attorneys are smart and resilient, and will be able to carve out a niche in this brave new world. But, that’s not gonna happen if they refuse to adapt.
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If you want to build a future-proofed law firm, we can help.