65 MILLION YEARS

AGO....

.

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TODAY ... AND

TOMORROW.

WEATHERING THE STORMNAVIGATING TO SAFE HARBORS IN THE NEW LEGAL

MARKET

6.27.2014 * ANNUAL MEETING FLORIDA BAR PRESIDENTS SHOWCASE, ORLANDO

PRINCIPAL, EDGE INTERNATIONAL

6.27.2014 * ANNUAL MEETING FLORIDA BAR PRESIDENTS SHOWCASE, ORLANDO

JORDAN FURLONG

1. THE STORM

Economic downturn

Declining revenue

Tougher clients

Sharper competition

1. THE STORM

The legal market is in an unprecedented state of flux. Unless they adapt, many traditional firms will fail. ... I have never in 39 years seen the kind of change in our industry that I see today.

After the recession: Legal profession undergoes sweeping changes, Miami Herald, 10.13.13

1. THE STORM

2. THE ICEBERG

2. THE ICEBERG

National and worldwide statistics:

80% of divorce cases in Florida include at least one pro se litigant.

80%-85% of legal consumers in California are self-represented.

88% of Canadians chose a non-lawyer option to resolve their justiciable issue.

84% of legal needs of UK small businesses were resolved other than by lawyers.

2. THE ICEBERG

Actions taken when faced with a justiciable problem:

44.0%: Dealt with it myself

22.2%: Did nothing

22.1%: Got non-legal help

88.3%: Did not obtain legal help

11.7%: Got legal help

Source: Federal Department of Justice Currie Report, 2007

15%: Looking for new options

85%: Looking beyond lawyers

Normalizing self-representation

2. THE ICEBERG

3. THE WAVE

Venture capital funding for legal startups, US, 2013

$458 millionSource: Law-Angel.com

3. THE WAVE

Rise of the machine

Growing non-lawyer competition

Do-it-yourself (DIY) law

The decline of traditional law practice

3. THE WAVE

4. THE

LIGHTHOUSE

Know your cost, fix your price

Adopt new tech and workflow

Target the untapped market

4. THE

LIGHTHOUSE

4. THE

LIGHTHOUSE

Know your cost, fix your price

What do you spend to deliver specific client services?

Decouple spend from price: eliminate cost-plus pricing.

Create reliable, ranged or fixed fee regimens.

4. THE

LIGHTHOUSE

Adopt new tech and workflow

What are your lawyers doing that a machine could do?

Apply business improvement processes to legal functions.

Humans + machines > humans alone; equip, dont replace.

4. THE

LIGHTHOUSE

Target the untapped market

What if you could profitably serve part of the 85%?

Current clients: Learn their world, anticipate their needs.

New clients: Start looking below the waterline.

SAFE

HARBOR....

THANK YOU!

WEATHERING THE STORMNAVIGATING TO SAFE HARBOURS IN THE NEW LEGAL

MARKET6.27.2014 * ANNUAL MEETING FLORIDA BAR PRESIDENTS SHOWCASE, ORLANDO