The magic circle will disappear within a decade, industry leaders predict

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    * All the top 50 firms in London will have forms of alternative sourcing - regional centres, or LPO partners, or regional collaborations - within 5 years
    * Law firms will continue to restructure with higher partner to lawyers ratios
    * Lockstep will disappear
    * The New Paralegal will emerge - skilled legal professionals following with a different career path doing complex legal work
    * Fixed prices will be established for discrete matters, or parts of matters, across all practice areas - we have over 120 identified and growing - and GC will demand these within 3 years
    * GC will continue to seek year-on-year overall cost reduction - by at least 20% - for routine work
    * Lawyers will (have to) radically enhance their project management skills to address new ways of working including developing better Scoping, Estimating, Monitoring, and Reporting tools (Law Firm and In-House)
    * Very large "branded" legal services providers will emerge for the Consumer and SME marketplace - resulting in significant reduction in the number of High Street firms who will either consolidate (possibly within the brands) or disappear

    David Ellis
    OMC Partners

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  • There are very interesting theories here but having looked at some of the other predicitons on your website and those given back in 2008, I am struck at how slow moving the top end of the profession has been. I would therefore say that the last prediction to be realised of all those mentioned will be the break-up of the magic circle.

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  • Very strange. Not one of these experts has predicted that Bond Dickinson will become the World's leading provider of legal services. Is that because they think it has already started happening?

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  • But David, commentators like us have been saying these things for a good 5 years now and still too many firms lack either the will or the skill to take control of their own destiny. Ultimately, the issue is one of leadership.

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