Anna Mountford-Zimdars, Kings Learning Institute, Kings College London, and I have written a new paper on legal education in England & Wales and Germany focusing on barristers' education and German advocates. It's on SSRN.
Here's the abstract:
The legal profession of the 21st century has been described as having encountered its own Cambrian explosion. Rather than extinction the legal profession is facing rapid change as the result of increasing use of technology, globalisation, the deregulation of legal services markets. Australia and the UK were early adopters of alternate structures for the provision of legal services, which in the case of the UK is placing small legal practices under immense pressure as, for example, online providers (e.g. LegalZoom and DivorceOnline) enter the market using loss leader pricing to capture business. Some refer to this as the Uberisation of the legal practice. Outsourcing of legal work to “cheaper” markets such as India and South Africa has reinforced the trends working through globalisation. Millions of dollars are being invested in new legal enterprises such as ROSS Intelligence based on IBM Watson, and Ravn, which use big data to research and answer legal questions and predict outcomes of cases.I don't think there's anything particularly startling in that paragraph although the reader in my law school was shocked. All one has to do is read Jordan Furlong, George Beaton et al to see where the profession and legal services are heading. But I wonder.
“Consider the megadeals that have just been announced in the last few weeks and the timeframe — it’s going to take these firms well into 2016. And if you consider any antitrust issues, any regulatory oversight needed, that could also further lengthen the time of the work that’s going to be involved. The corporate advisory work that stems from those deals, and the boost from solidifying client relationships, should also help them get hired for future matters.”Of the top 10 law firms doing big M&A work nine are based in New York and the only London firm is Freshfields at number 9 which worked on the Royal Dutch Shell-BG Group and ABInBev-SABMiller mergers.