Increasing price of legal services and technology as the antidote
The number of new lawyers admitted to the bar was lower in 2014 than in 2013; in addition, law school admissions were considerably lower than in previous years. That suggests there will be fewer lawyers ready and able to fill the ranks of the Baby Boomers as they increasingly leave the practice. Prices to consumers of legal services may increase, depending on the increased utilization of technology. But, compensation for lawyers, even entrepreneurial lawyers will be squeezed and likely lead to continued decreased attractiveness for law school admissions.
When the prices of services or goods continue to rise, creativity enters the fray to lower the price, or a parent price. In the sale of food products, for example, the weight or size of the package decreases to keep the price at its previous level. With professional services, technology appears to provide more effective, speedier and higher quality legal services. Hence, the model rule of professional conduct concerning competence gets modified to include technology skills comparable to those of colleagues in the practice area and/or geographic area of delivery.Tags: Baby Boomers, law school admissions, price of legal services, Technology