PILMMA Law Firm Podcast featured Brian LaBovick
There’s a coming wave of non-lawyer ownership of law firms in the U.S. — and it will absolutely have an effect on the legal industry. Beginning in Europe and Australia, corporations have started taking over ownership of law firms, and this is why looking at the precedent set in countries like England, Australia and other countries can offer guidance in how law firms can ride this wave successfully.
Our own Brian LaBovick spoke with Ken Hardison from PILMMA on the Grow Your Law Firm podcast recently on this important topic for law firms across the nation. As Brian noted, this doesn’t mean the end of an era for lawyer-owned firms. Instead, this is the time to be exceptional. Competing on more than just price will allow your firm to stand out, be prepared and navigate the future. There are opportunities to be recognized as a leader in the legal industry, and there’s also potential for mergers and acquisitions opportunities. Learn more about what the impending wave of non-lawyer ownership of law firms in the U.S. will mean for you here:
What you’ll learn about in this episode:
- How the coming wave of non-lawyer ownership of law firms will affect the legal industry, and what pros and cons exist
- Why Brian doesn’t feel “doom and gloom” over the coming wave, and why looking at the precedent set in countries like England and Australia can offer guidance
- How the coming wave of corporation-owned firms can be compared to the birth and growth of Walmart, and why it is important to compete on more than price to survive
- Why consumer-based law isn’t nearly as in danger of being taken over or pushed out of business as big corporate firms
- What steps to take to better prepare your law firm for potential merger and acquisition opportunities
- What concerns Brian has about the way the state of Arizona may be implementing non-lawyer ownership of firms
- Why one of the key things to watch out for is the “gaming of the system” and the establishment of unethical relationships between firms and their owners
- What a “para-lawyer” is, and how North Carolina set the standard to allow people to exist halfway between paralegal and lawyer and still have ownership in a firm
- Why setting up and running your law firm like a business is going to be instrumental in navigating the future
