Is Axiom the bellwether for disruption in the legal industry? Bill Henderson thinks the answer is “yes.” “Axiom … is on the brink of demonstrating the benefits of the first mover advantage in law,” he writes. Axiom progress can be measured as having moved to the early adopter phase of market penetration in the corporate legal department market sector, the same market BigLaw competes in.
Axiom and large law firms are definitely targeting and servicing the same clientele — Fortune 100 legal departments. The substance of their work is also very similar — sophisticated, complex legal work related to disputes, transactions, and compliance. But in many cases, the solutions offered by Axiom are radically different.
Bill Henderson, Professor of Law and Director of the Center on the Global Legal Profession at Indiana Univ. School of Law – Bloomington, explains in detail why he thinks the times they are a-changing and why “[t]his is bound to have the beneficial, balancing effect on the rest of us” in this Legal Whiteboard post. Highly recommended. See also, Michael Bonasso and William E. Vita’s A profession on the verge of a paradigm shift? (The Metropolitan Corporate Counsel, Nov. 3, 2013).
Do keep “legal solutions” provided by our very expensive professional legal services vendors in mind should you read Bill’s post. See, for example, Managed legal services: the way of the future? by Will Ashenmacher, Social Media Marketer, Large and Medium Law, Thomson Reuters:
Given the large-scale changes that the legal industry has seen even in just the past five years, the next decade or so is likely to be a turbulent one. The role that nontraditional law businesses like Axiom take, or do not take, will be of particular interesting.