TotalLegal On the Declining Success of Brick-and-Mortar Law Firms

Over the past 10 years the traditional market has shifted greatly into the buyer’s market.

Bellevue, WA – February 27, 2018 /MarketersMedia/ —

As the price of seeing an attorney in person has increased significantly over the years and the demand for faster work continues to press on small businesses, online legal services have seen significant growth in just the past 6 years alone for their ability to offer cheaper but still efficient and accurate services. The convenience and accessibility of online resources have prompted price-wary consumers to find more affordable alternatives to traditional brick-and-mortar law firms via the internet, since online legal practices tend to charge less for the same job. TotalLegal, a reputable online law services provider, discusses the new trends of the market and what they hold for the future.

The latest “2017 Report on the State of the Legal Market” provided by The Center for the Study of the Legal Profession at Georgetown University Law Center and Thomson Reuters Legal Executive Institute explains that over the past 10 years the traditional market has shifted greatly into the buyer’s market, resulting in a steady decline of demand, rates and profitability. While the overall demand for legal services is still growing, traditional law firms are faced with online competitors and changing client needs. The disruption is led by consumers who are not only demanding lower costs, but also allocating a significant portion of requests to online law service providers and limiting the involvement of first and second year associate attorneys. This has lead to “one of the most significant, though rarely acknowledged, change of the past decade: the effective death of the traditional billable hour pricing model in most law firms,” as noted in the report.

The increasing demand for online legal services is expected to grow further over the next 5 years, with online law firms targeting price-cautious, middle-class consumers, notes TotalLegal. The trending industry changes are also predicted to strengthen their positions during this period, and while some bar associations have tried to restrain those in various states, it’s a matter of time before the disruption reaches its full potential. “Today, the law firm market is increasingly segmenting between firms willing to adopt new business models, processes for delivering legal services, and pricing, staffing and compensation models that reflect the new market dynamics, and firms that retain more traditional approaches,” said Mike Abbott, vice president of Thomson Reuters. “For example, this year’s report shows how firms that take a more pro-active approach to initiating discussions on using alternate fee arrangements are seeing greater profitability, even for work that is done under such arrangements. Moreover, they are also better positioned to compete in an increasingly crowded marketplace for legal services.”

Since its launch in 2000, TotalLegal has been helping people to create more than one million documents quickly, securely, and affordably. The company provides an online self-help platform where clients can instantly prepare customized legal documents such as wills, quitclaim deeds, powers of attorney, rental agreement, and LLC or incorporation forms. Its premium plan also includes free and discounted attorney services.

Total Legal – Online Platform for Legal Documents and Forms: http://totallegalnews.com

TotalLegal – Discusses the Transformation of Legal Services in the Digital Age: https://finance.yahoo.com/news/totallegal-discusses-transformation-legal-services-144000620.html

TotalLegal Examines How Online Services Are Disrupting the Legal Market: https://finance.yahoo.com/news/totallegal-examines-online-services-disrupting-175500218.html

Contact Info:
Name: TLN
Email: contact@totallegalnews.com
Organization: TotalLegalNews.com

Source URL: https://marketersmedia.com/totallegal-on-the-declining-success-of-brick-and-mortar-law-firms/305968

For more information, please visit http://totallegalnews.com

Source: MarketersMedia

Release ID: 305968