Law Firm 3.0: Information Changing Law Firm ModelsApril 28, 2015 – In The News
Mark Silow was quoted in The Legal Intelligencer article, “Law Firm 3.0: Information Changing Law Firm Models.” Full text can be found in the April 28, 2015, issue, but a synopsis is noted below.
Many industry leaders agree that a major shift is developing in the legal sphere. The term associated with the projected shift “Law Firm 3.0” implies a new model of approach in the legal industry.
With widespread use of digital technology, billing rates and other financial factors are much more exact and harder to keep secret. This means that the consumer now knows more about where the money is going and often gets more involved in related financial aspects.
"Whenever you have better information as a consumer,” Mark Silow commented, “it tends to make price more of a factor."
Silow also said that his firm focuses on middle-ground work. He says that many clients and large Fortune-50-type companies are realizing that they only need middle-of-the-road legal work done anyway. In fact, many firms are struggling with setting their prices in this sort of way, according to Silow.
Silow also acknowledged that there will always be room for the types of firms that charge higher rates for premium work. However, he stated, "I think there are a lot of firms that want to be pretenders in that space that are going to struggle.”
This article was also featured in the Pittsburgh Post-Gazette.