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Legal industry trends

Legal industry trends: The rise of the small law firm

legal industry trendsThe legal industry is undergoing a massive shift. Legal industry trends show that, while there are still a handful of large, global firms, medium-sized firms are becoming rarer.

The rise of the small law firm

Medium-sized firms have large expenses, but don’t have the brand name of a large firm or the flexibility or attentiveness of small firms. As a result, individual partners from large and medium firms alike are now breaking off and starting small law firms of two or three people.

These boutique firms give partners much more flexibility and a healthier work-life balance. At the same time, they can actually offer more affordable fees for clients. Small law firm partners can also keep more of the money they earn because they don’t have to support a team of associates, administrators and IT.

How small law firms compete

In particular, there are many new IT resources that allow small law firms to compete on the same footing with the large firms, while spending far less. Legal search tools, for example, streamline some of the time-consuming, tedious work of discovery. Today, firms can replace those individuals with a sophisticated software search program.

Small law firms can also take advantage of more affordable tools for storing and organizing client files. Cloud service providers offer extremely cheap data storage that is often much lower than $100 per month. The firm can add additional software to organize documents that are easy to find and intuitive to use. With these two technologies, small law firms can offer similar services to all but the largest global competitors.

Law Bank is a leading coworking space for small law firms in Denver. Our two central locations provide networking, resources and premium space for small law firms. For more information, please contact us.

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