The Power of Perspectives

The Canadian Bar Association

Mark A. Cohen

Agents of Innovation

The ascendancy of the business of law

By Mark A. Cohen March 13, 2018 13 March 2018

The ascendancy of the business of law

 

Law is no longer exclusively about lawyers.

Technology, the global financial crisis, and globalization have created a new buy/sell dynamic that has disrupted industries from ride hailing to hospitality – even getting a date. These powerful forces are having an impact on law, too.

Consumers have a new set of expectations for legal delivery that has spawned a migration of work from law firms to corporate legal departments as well as a new breed of well-capitalized law companies, whose DNA is business-based but laced with legal industry knowledge.

Law, now a trillion-dollar global industry, is being re-engineered by business and tech professionals as well as entrepreneurs. Meanwhile, the parameters of legal practice – what, when, and to what degree a lawyer is required – are narrowing, as the industry is increasingly supported by technological and business expertise.

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