Changing Dynamics of the Legal Industry; Legal Entrepreneurship

Rishab Chaudhary

With over 1.3 million lawyers in India, Legal industry is fast pacing towards the summit of the professional peak. With the constant rise in the number of law schools offering both 3 year and 5-year law courses, the legal market is bombarded with the never-ending oversupply of lawyers. Nevertheless the news in law is not all bad, Legal industry is among the most populated profession in India and is one of the largest among the world. This era of liberalization and globalization has affected almost every industry or profession in this world with greater trade connectivity and easy access to foreign economy.

Legal industry has also banked upon the same by revolutionizing itself and by keeping up with the changing times. The pre-eminent legal service providers used to be individual lawyers or firms run by families with legal background. Almost all of them were involved with issues under the countries adversarial legal system. With the induction of entrepreneurship in legal system, the industry has never been the same again. The innovation in technology has all the more transformed the whole idea of traditional legal service providers, new mobile applications are available on the market with which any legal queries can be dealt with only a matter of seconds, similar is the case with online legal dot coms and toll free services.

No more do lawyers spend on swanky offices and rare book collections, rather they choose to make law more affordable and convenient to the consumers. Everything is done with an aim to keep the client at comfort physically and pocket wise because with humungous rise in the number of lawyers a basic tool of demand and supply kicks in and the price falls down. There has been a new trend in the global legal markets which has very well affected the traditional legal service providers with the changing dimensions of the legal platform with focus on entrepreneurship . Every field of study evolves at some point or the other, Legal industry is no different. With affordable high tech, the main aim has shifted to comfort of the clients. They no longer need to go to law offices and chambers, instead all the services can be availed even by logging onto the application on their smart devices. This has in a major way changed the face of the age old prevailing legal customs. New online legal databases have opened up with subscription charges, with the help of which any judicial order can be browsed through for precedents as well as all the latest updates and articles are posted. This has led to more awareness and exposure to lawyers, as filtered information regarding a specific area is readily available. The field itself has gone through a lot of changes, earlier being a lawyer was considered to be mediocrity. With the boost of corporatism, various new fields for lawyers opened up, expanding into a variety of options to choose from.

Corporate Law, with its high earning and professional persona suddenly became the top most preference for every upcoming law student. There has recently been a major shift in the global pattern in the legal platform through the concept of Legal Processing Outsourcing. It allows for legal professionals to outsource their legal work to third parties, who perform it for them while charging fees for the same. This led to a lot of savings in terms of employing personnel, as outsourcing organizations can be consulted as and when the need for the same arises. All the more, the concept of virtual legal assistants have led to a tremendous breakthrough in terms of availing legal information. These assistants are non legal professionals who provide cheap and reliable legal assistance. Hence lawyers no more have a monopoly on the conventional market. Now, lawyers no longer have to break a sweat in order to find new clients as with various upcoming professional networking websites, finding your self a nice legal professional has become far easier. Clients can browse through variety of individual profiles and also check the entire Curriculum Vitae of these professionals, before settling for them.

Lawyers no longer have to stress upon billable hours as new office trends which allow for employees to go on temporary leaves, early retirements, telecommuting etc. leaves a lot of personal time. It is no longer a sweatshop moreover the focus has been shifted to make the field more flexible and comfortable for the legal sharks, so that they do not miss on quality personal time. In order to survive in these debilitated economic times, professionals are constantly coming up with creative and innovative trends to sail through the conventional complexities and limitations for the same. Overall, these changing trends impact the dynamics of the legal field, making it more efficient, effective and readily available.

Leave a Comment

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

Cookies help us deliver our services. By using our services, you agree to our use of cookies. More Information   
%d bloggers like this: