律师事务所的新策略

Today, however, there are compelling reasons to believe that the current period The acceleration of technological evolution ... 1 In the 1980s, it could take a decade or more for foundational technologies – likepersonal computers – to reach widespread adoption. In the 2020s, similar adoption … and its impact GenAI directly enhances core legal workflows by speeding up research, drafting,and review processes, and in many cases improves the quality of output. Since legalwork is heavily text-intensive, large language models are especially well-suited to Clients demand more: greater transparency, higher predictability around billing,seamless multi-jurisdictional support, and a clearer demonstration of value for While slow growth of many European economies limits overall demand, geopoliticalvolatility increases unpredictability, meaning clients' legal questions change These forces cut both ways for law firms. On the one hand, geopolitical instability(e.g. sanctions, trade restrictions and shifting trade flows) creates greater demandfor legal support. The technological evolution boosts demand too, as clients are Ultimately, the net impact on long-term client demand remains uncertain. Willclients expect the same output at a lower cost, or will they pay more for higher- Compounding these dynamics are two persistent constraints: limits to what clientsare willing to tolerate in annual rate increases and intense competition for top legaltalent. Taken together, the message is clear: the industry is entering a period of A visible consequence of these broader industry shifts is the continued growth •Legal process outsourcing specialists, such as Cognia Law, Elevate, and Integreonwhich focus on high-volume, repeatable tasks like contract lifecycle manage- •AI- and technology-enabled tools– including platforms like Legora, Harvey, andtools such as Anthropic's Cowork (the launch of which in February 2026 led to a>10 % stock price decrease of Thomson Reuters and Wolters Kluwer) – all of which •Flexible or independent talent platforms,enabled by more permissive regulatoryframeworks, such as Axiom Law in the US and Keystone Law in the UK. These Although these alternative delivery models still account for a relatively small shareof the global legal services market, they are expanding faster than the market The new cost equation: technology, talent and For more traditional – and still dominant – legal services firms built around humantalent, these developments should signal the need for a fundamental shift in their Historically, the economics of a law firm were straightforward: the value of billablehours was tied to direct lawyer costs and used to cover the indirect cost base. Schematic P&L overview for a typical law firm While many firms are actively trying to reduce their indirect cost base, the rapidevolution of technology is creating upward pressure in one key area: technologyand AI-related expenses. As firms adopt and integrate new tools – and as existingdigital service providers expand/improve their offerings and raise license fees – Across multiple European legal services firms, data shows that "all-in" technologyand digital innovation spending per legal professional (including software and Discussions with law-firm leaders across Europe suggest that these pressuresare felt by all players in the market, but even more acutely by small- and mid- As a result, structural pressure on profitability is increasing for all firms. To address A.Pass technology and AI-related costs on to clients– something many firmshave struggled to do effectively;B.Reduce the share of direct lawyer costs in the cost base, such as by shifting Although rising technology and AI costs often represent the most significant sourceof pressure, many firms are also confronting structural pressure on compensation Playbook priority: The strategic agenda for modern All these developments make it clear: leadership teams in the legal services sectorhave to prepare for the coming decade. There are multiple missions: digitizing With many areas competing for leadership attention, the strategic agenda formodern law firms spans a broad set of priorities. The relevance of certain topics Legal services M&A has picked up, and may surpass 2012-2016 M&A deals with a legal services player as the target, global [#] These transactions highlight a broader strategic trend: firms are seeking greaterscale to strengthen their competitive position, expand geographic and practice- The search for greater investment capacity is also driving increased interest inpartnerships with private-equity investors across the sector. In (the limited numberof) jurisdictions where such arrangements are permitted, PE involvement is viewed In jurisdictions where non-lawyer ownership of law firms is restricted such as inalmost all states in the US and many European countries, stakeholders are exploringalternative structures to enable outside capital and further professi