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understanding of the topic to recognize whether the outputs AI provides are valid. As a headline in the Harvard Business Review aptly explains, “AI won’t replace humans, but humans with AI will replace humans without AI.” A sustainable strategy in any law firm is to find the best ways to unleash the power of AI before, or
at least alongside, the competition.
Talent
Talent is the other challenge most likely to affect how law firms prosper in the future. As predicted, talent has become increasingly important over the decades. Growth in the profession is relatively flat, as mentioned earlier. The younger generations have presented interesting twists. Baby Boomers are reaching retire- ment age but have been slow to leave the workforce. Generation X, a much smaller cohort, largely supplied a dwindling popu- lation of new lawyers prior to 2010. Then the Millennials, a surprisingly large gener- ation that is changing law firms with an emphasis on work-life balance, personal growth, inclusion, and social responsi- bility. For this generation, there are fewer opportunities to become partners, exac-
erbated by their sheer size. Lastly, there is Gen Z, a group that demands attention and input into their organization’s priori- ties and decisions. At the same time, they have the highest levels of mental health issues of any generation in history — coming into a profession that already has one of the worst percentages of substance abuse and mental health issues. Keeping this cohort engaged is currently one of the biggest challenges law firm leaders face.
Today, the challenges are to attract, train, and retain top talent, and provide fulfilling opportunities for career advancement and the work-life balance that lawyers want and need. How will the partners of the future be trained when they are working remotely, using technology to replace tasks lawyers histor- ically trained on and perhaps not working enough hours to “learn their craft” — at least at the pace in the past? Part of the solution lies in using technology wisely and managing talent as a valued asset. Competition is stiff for top talent and the demand for inclusion is stronger than ever. The Boomers are retiring and the business of law is becoming increasingly complex. Firms must find sustainable strategies that
engender client loyalty, ensure continuity and transfer of knowledge, provide effi- ciency and promote the quality service delivery upon which world-class reputa- tions are built.
Beyond 2024
The future of law firms remains bright even in a changing legal ecosystem – at least for those willing to embrace and engage the key challenges we face. Now more than in 1989, firms must invest in the right talent, make strategic use of tech- nology, and manage the firm intelligently.
Raridon Lambreth is a co-founding principal of LawVision and the founder of the LPM Institute.
She has over 30 years of experience as a consultant
to the legal profession and is widely recognized as a thought leader in practice management, legal project management and leadership in legal organizations Altonji is a co-founding Principal of LawVision and
a senior strategic consultant and advisor to the legal industry. He is a frequent author and speaker on topics related to law firm strategy, governance, compensation and economic performance.
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THE REPORT | July/August 2024 | CincyBar.org
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