find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Law firm networks to become ‘mainstream model’ for legal services delivery

Law firm networks to become ‘mainstream model’ for legal services delivery

network

The substantial spike in law networks is set to shake up the legal profession over the next five years, a new report has found.

According to Steve McGarry, president of the Association of International Law Firm Networks (AILFN), in 1989 there were just five law networks and 15 accounting networks. Today, he noted, there are 200 whose members annually provide more than $250 billion of professional services.

Mr McGarry and the AILFN have just released a report citing predictions for the year 2022. He said one of the predictions that is set to play out in five years until then are law firm networks becoming the new mainstream model for global legal services.

Mr McGarry explained that the network model will be adopted by large law firms, in particular, to grow and manage their global businesses.

“Many law firms have been reluctant to promote their network memberships. This will change as the largest firms form their own networks,” he added.

“The largest 20 firms have multimillion-dollar marketing budgets with brand names. Brands will increasingly become far less relevant.”

Mr McGarry said another prediction is that networks will become increasingly sophisticated in the use of technology.

“The costs of dues will increase for networks to compete with the 20 largest firms who are forming their own networks. However, the formation of these new networks will validate the network model,” he said.

“Legal networks will begin to produce common products that can be used by members for serving clients. These branded products will promote the networks.”

Another prediction Mr McGarry and his association expect to play out will be networks changing their strategy in regards to their competition.

“Networks will see that their members’ competition are not other legal networks but the 20 largest international firms with their networks and the big four consulting firms which are themselves networks of independent firms. They will strategise accordingly,” he said.

“At the same time, networks will realise that they can offer non-networked firms, that range from 50 to 2,000 lawyers, access to their networks.”

In conclusion, Mr McGarry has predicted that law firm network membership will grow by 20 per cent to 30 per cent over the next five years.

“New opportunities are created for networked firms. It will change how lawyers are found, engaged and price their services,” he said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Law firm networks to become ‘mainstream model’ for legal services delivery
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...