Legal Business

Structural or cyclical change in the law? 2014 should answer the big question

It’s been obvious that something fundamental happened to the world economy during 2008, ushering in the worst relative trading conditions since the 1930s. It is, likewise, demonstrable that this shift has had a material impact on the legal profession in terms of reduced growth prospects, changing corporate buying habits and pressure on the conventional model of law.

The point that has yet to be resolved – and which has huge significance to the western legal industry – is whether that change represents a permanent structural shift underwritten by technology and the rise of non-law firm providers, or a severe cyclical depression from which the profession will in time recover.