MPF WHITE PAPER - AW 2014 Law Firms in Transition - 10-21-14

2014 LAW FIRMS IN TRANSITIONOutlook: Law Firms in 2024If you believe that the legal profession is in transition, in what significant ways doQ: you expect your law firm will be different ten years from now?Sample Comments (continued)PHYSICAL WORK SPACELower overhead expense per lawyer, smaller offices, increased virtual interaction.As Baby Boomers retire and technology advances, I anticipate that the law firm will bemore flexible both in physical structure and work environments/locales.THE NEXT GENERATION OF LAWYERSIt will be run by a new generation of partners that are entered the practice post 2000 andwill necessarily need to have more flexible work options to reflect the increasingly diverseattorney work force. Use of new technologies will be important as clients will have adaptedto the available tech options and we should as well.We need to face the retirement of founders and plan for other partners to take overleadership positions.OTHERWill be more customer-centric with relationships more important than ever.Law firms will need to act more like our clients, and actually innovate. The winners will bethose firms that think creatively and are successful in implementing the right change.Less "fun" - more work for same tangible and intangible rewards.It will either have significantly changed or no longer be in existence.An Altman Weil Flash Survey 87