What will Law Practice Look Like in Fifty Years? Patent Attorney Ronnie Stern Quoted in ABA article.
In this article published in the American Bar Association (ABA) publication, patent attorney Ronnie Stern shares his insights on what the practice of law will look like in the mid-term.
Mr. Stern said, "...the traditional large law firm will continue to exist to service big clients on their big matters...” on the other hand, he doubts that large law firms will rule in the future "...clients big and small are becoming more cost conscious, especially after the great recession, and are intrigued by the alternatives to traditional law firm structures. [...] cost-saving infrastructure is rolled over to clients in the form of reduced legal costs.”
Many of the practitioners quoted, including Mr. Stern, believe that lack of billing transparency is one of the reasons big law firms are losing credibility. He believes that implementing a different billable hour concept could help address this issue. “...because clients like to anticipate future legal costs, I think many legal projects will encompass a pseudo-flat fee arrangement. I envision a scenario where an attorney will scope the project and provide a bid. This places the client on notice of the overall anticipated costs but does not lock in a lawyer to a set fee.” He explained.
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