Demand for Legal Services Talent is About to Explode Despite Industry Consolidation
L discovery buys Kroll for $410 million cash.
AON insurance buys Stroz.
DTI Buys EPIQ.
And Microsoft is getting very cozy with Relativity and Guidance Software.
The rate of consolidation in the legal services eDiscovery space is dizzying.
What is the impact on the demand and flow of talent?
What’s the impact on compensation trends and bonuses for 2016/17?
While many think the demand for talent and compensation trends are about to take a nose-dive, I predict the opposite.
Because the legal services space is about to go through an explosion in demand for talent with the advancement of artificial intelligence, legal analytics, digital assistants, etc.
Think about it.
Who’s going to sell these new advanced technologies?
Who’s going to implement these new advanced technologies?
Who’s going to design and develop the workflows and innovation for these new advanced technologies? Etc.
The demand and flow of talent is fluid.
If you have the skills, competency and experience to work in eDiscovery, litigation support, information governance, etc. then you certainly have what it takes and what it will take to be relevant, if not indispensable, with the up-and-coming new market leaders.
Who are some of these new market leaders?
Here’s a snapshot I created with Bobbi Basile from HBR:
- Kira Systems
- Ross Intelligence
- Neota Logic
- RAVN Extract Direct
- Riverview LAW Kim
- Lex Machina
- NexLP Story Engine
- Brainspace Discovery 5
- Recommind Axcelerate
- Catalyst Insight Predict
- Discovery IQ (with Brainspace)
- Relativity Analytics
For a more complete picture of this rapidly evolving market landscape, and a list of law firms that are investing and innovating in Advanced Technology, please see the HBR Resource Guide on our website.