Very interesting to see the Legal Standards Board calling on the profession to reinvent itself after seeing a decade of change.
Interesting timing. The pandemic has arguably caused 5 years' worth of change in 5 months. Larger firms have adjusted their business models, while others have found the environment was the last straw for their firm.
It's self serving to say it - but we are embracing the re-invention called for wholeheartedly. Indeed in a couple of weeks we'll see the launch of a "law firm operating system" that will usher in platform operation, high standards, a belief in regulation and the ability of new entrants - whether lawyers or not - to create branded, regulated firms.
In a quote attributed to Henry Ford we find the answer:
"If I had asked people what they wanted, they would have said faster horses"
Likewise, we don't need more law firms - we need a new approach.
Buckminster Fuller nails it and I commend it to you - regulator, lawyer, client alike:
"You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete."
The oversight regulator has called for the legal sector to ‘reinvent itself’ despite acknowledging major improvements in the market over the past 10 years.