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Law 2023 Update #2: Have firms developed offerings that transcend jurisdiction?

by Deb Knupp /

For the next several weeks on the blog, we’re going check in on the progress of predictions made by the groundbreaking guide to the future of law firms, Law 2023. Check out all our updates here.

 

We’re halfway to 2023. Let’s check in on how technology and collaboration are allowing clients to transact more freely across the globe.

 

The prediction: As the pace of globalization quickens, the nature of jurisdiction will change. It’s not just that corporations and other institutions will need to investigate dozens or hundreds of sets of rules and regulations—they’ll also have a significantly greater need to choose among them. These clients will expect their counsel to keep up. Because of this, firms will employ technologies that help them understand how a transaction might play out across all possible jurisdictions. Then they will use their ingenuity to craft offerings that transcend jurisdiction and maximize clients’ freedom to act across the globe in real time. Top legal minds will help regulatory bodies and intergovernmental organizations make sure that everyone plays fair.

 

Where we are today: The appearance of networks like Lex Mundi, Meritas, and the US Law Network have upended the traditional notion that expanding into new jurisdictions was the way for a law firm to grow. These membership models have gathered lawyers across the country and the world to transact business in a way that allows them freedom from jurisdiction and location.

 

What it looks like so far: Technology has enabled lawyers to give great counsel and relevant national and international perspective without the requirement of a physical office in a given location. In the last five years we’ve also seen that technology, as well as pairing and partnering, has empowered professions to offer a broader array of services, such as management consulting, tech advising, and other professional services, across jurisdictions that once may have limited their reach.

Fresh Insights.

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