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"New Rules May Shake Law Industry" reads the June 4 headline
in the Washington Post. The article reports that the ABA is formally
endorsing the concept of multidisciplinary practices. This effectively
ends "a century-old tradition preventing lawyers and accountants
from sharing profits," the article goes on to state. "These
new rules set in motion changes that will reshape the delivery of legal
services in the United States."
Expected to be adopted by state bar groups across the country,
this opens the door for lawyers and non-lawyers to practice under
the same roof. Indeed, a trusts and estates attorney may now practice
with an accountant. And a family law practice could conceivably
include a financial planner and a family psychologist.
New Dynamics
So how did a century-old tradition change overnight? Andy Grove,
chairman of Intel, describes the new dynamics of change in his book,
Only the Paranoid Survive.
Driven by the effects of globalization and technology, he cites
six forces that all come together at once to force a magnitude of
change larger than anything the business (firm or industry) has
ever experienced.
He likens it to a giant tidal wave -- a tsunami. The forces are:
existing competitors, complementors, customers, suppliers, potential
competitors, and the possibility that what your business is doing
could be done another way.
The title derives from the fact that change comes so fast, so
frequently and from so many directions that individuals in any industry
must be ever vigilant. Either you are continually making changes
so you can take advantage of the wave, or you do nothing and will
be changed in ways you might not prefer.
Looking at the trends of the last few years with accounting firms
and legal service providers carving up business that was once the
domain of law firms, it's easy to see the wave has been steadily
gathering momentum.
The ABA's Multidisciplinary panel, formed in September of last
year, reviewed the evidence over a nine-month period and confirmed
the inevitable -- the wave has indeed arrived.
How do you ride this wave?
The wave is called the market place -- better known on an individual
level as the customer. The customer has come to expect service "right-now-this-minute-state-of-the-art-configured-to-my-
specifications."
An article in Business Week says this demanding behavior
is driven by "Internet Dynamics" -- the ability to respond
effectively in an era of: extremely fast growth, complex business
models, global business, and a maniacal focus on the customer.
Products and services that used to take three years to get to
market, now take six months. And it's getting faster.
The expectation of faster, better, cheaper is why law firms are
having to change the way they deliver service "overnight"
(and why we expect it as consumers when WE are the customer). If
one firm can't provide service based on these new specs, there's
always another ready and willing.
Whether you call these forces of change "Tsunami" or
"Internet Dynamics" the playing field is shifting daily.
By using the elements to your advantage, you can be there first
with timely, cost-effective solutions for your client's legal problems.
Or as Hewlett-Packard says, "One step ahead of the customer
-- two steps ahead of the competition."
Mary F. Tanner is a law marketing consultant in Charlotte, NC.
If you would like a list of "Five Things You Can Do Right Now
to Catch The Wave" contact her at (704) 364-6443; by email
at mtanner@earthlink.net;
or via snail mail at 1033 Goshen Place, Charlotte, NC 28211.
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