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International Conference of Legal Regulators The Legal Market: Development and Issues John Flood Professor of Law and Sociology Leverhulme Research Fellow University of Westminster [email protected] GLOBAL LEGAL MARKET 2010 Size in US$585 billion 2015 Size in US$647 to $752 billion

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International Conference of Legal Regulators

The Legal Market: Development and Issues

John Flood

Professor of Law and Sociology

Leverhulme Research Fellow

University of Westminster

[email protected]


GLOBAL LEGAL MARKET

2010 Size in US$585 billion

2015 Size in US$647 to $752 billion

2010 Numbers of legal professionals: 3,285,000


SECTORAL LEGAL MARKETS

United States

2010 Size in US$240 billion

2015 Size in US$300 billion

2010 Numbers of legal professionals: 1,141,000

{>50% of global legal market}


SECTORAL LEGAL MARKETS

European Union

2010 Size in US$195 billion

2015 Size in US$247 billion

2010 Numbers of legal professionals: 1,030,000

----------------------------

United Kingdom

2010 Size in US$40 billion

2015 Size in US$50 billion


SECTORAL LEGAL MARKETS

Asia-Pacific

2010 Size in US$69 billion

2015 Size in US$91.5 billion

2010 Numbers of legal professionals: 382,700


DRIVERS OF CHANGE IN LEGAL MARKETS

DEMANDS OF SOCIO-POLITICAL

COMPULSION OF GLOBALIZATION

ADDICTION TO TECHNOLOGY

Consequences of regulation


  • DEMANDS OF SOCIO-POLITICAL

  • RISE OF ACTIVIST MOVEMENTS, e.g.

  • consumerism

  • environmentalism,

  • equality in disability,

  • ethnicity,

  • Sexuality

  • COMPETITION


GLOBALIZATION

Rise of Global Law Firm


TECHNOLOGY

ONLINE LEGAL SERVICES

LEGAL ZOOM

EPOQ

ROCKET LAWYER

LEGAL PROCESS OUTSOURCING

PANGEA 3

LEGAL PROCESS INSOURCING

WEST VIRGINIA

BELFAST

ONLINE DISPUTE RESOLUTION

EBAY

EUROPEAN SMALL CLAIMS PROCEDURE


REGULATION

LEGAL SERVICES ACT

EXTERNAL REGULATION

ALTERNATIVE BUSINESS STRUCTURES


REGULATION

  • Examples of ABS

  • Slater & Gordon—First law firm IPO in Australia buying English law firm for £58m.

  • Coop Legal Services—“Life Planning”: trusts, wills, health insurance, banking and credit, accident management, life insurance, pension planning, probate, funeral

  • BT Claims—“Business2Business” claims management legal company growing out of internal claims handling department of telephone company

  • These are exportable models, reliant on technology, outsourcing, and routinized services


REGULATION

  • Examples of Non-Existent ABS

  • Legal Process Outsourcer buys law firms

  • Thomson Reuters becomes world’s biggest legal services provider

  • Big 4 accounting firms go MDP

  • Google buys all law firms


REGULATION

  • Are Others Liberalizing and How?

  • Troika (IMF, EU, ECB) forcing debtor countries to liberalize labor markets and professions

  • So far Ireland has started to do this

  • Greece and Portugal will have to undergo this

  • Maybe Spain and Italy next

  • Despite vigorous objections from ABA and CCBE, these reforms will be promoted


  • QUESTIONS

  • WHAT IS A LAWYER?

  • WHAT IS A LAW FIRM?

    • (Does it matter?)

  • WHAT ARE LEGAL SERVICES?

  • HOW DO YOU REGULATE LAW FIRMS ACROSS BORDERS?

  • ARE LEGAL ETHICS THE SAME ACROSS BORDERS?

  • WHAT IS THE ROLE OF LEGAL EDUCATION IN NEW LEGAL SERVICES?

  • WILL ECONOMIC CRISIS FORCE MORE COUNTRIES INTO INVOLUNTARY CHANGE IN THEIR LEGAL MARKETS?


LINKS

THIS PRESENTATION IS LOCATED AT http://johnflood.blogspot.com

AND AT http://www.scribd.com/doc/106933559/Flood-International-Legal-Regulators-Conference-Presentation-Legal-Market-Developments

YOU CAN FIND MORE INFORMATION AT http://www.johnflood.com


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