We’re starting to see an interesting development in the law firm panel arrangement, driven by the purchasing power of the client.
Clients are starting to ask their panel law firms – how are you collaborating with other legal service providers to create better value for us? That’s a pretty scary thought for law firms – collaboration between legal service providers. Gulp.
What to do? One response we’ve seen so far is for BigLaw to align itself with NewLaw. DLA Piper with LOD/AdventBalance, Gilbert & Tobin with LegalVision, Norton Rose with LawPath and Ashurst with Axiom.
Question - how far will clients go in demanding collaboration between the BigLaw providers themselves? Would clients insist on it?
Here’s a radical thought. A marketplace where clients can pick and choose the best lawyers from separate panel firms and ask them to work together. On a special project, for example. The Panel Dream Team.
Clients would like to see that. And they will.