The legal industry is a very competitive environment and law helps shape that environment. In fact, law affects the five forces (Porters, 2008) by developing and determining industry competitors, buyer and supplier power, new entrants, and substitutes. In order to stay competitive law firms need to better understand and characterize the industry environment. Therefore, they need to innovate to compete and adapt to socioeconomic factors. Innovation, begins by thinking of solutions that are challenging your business. This means law firms must collaborate with and create a legal design that will improve its internal and external strategy. Where do law firms start? Design thinking.
Blockchain technology has impacted the world in a very unique way. It all started with cryptocurriencies which is a unique technology that is still advancing. In fact, governments and financial institutions are researching the vast potential of this unique technology that expands far beyond cryptocurriencies. As I said before, cyberspace has created new innovations that have benefited the global society in both licit and illicit activities. However, it has also created new concepts that can benefit the legal environment in numerous ways.
Market disruption in the legal industry can be defined as technological advances that have attracted new clients and improved the processes of law firms. The technological changes includes predictive software, case management software, digital documents, and data processing to name a few. This article will attempt to bring some clarity to how market disruption impacts the legal industry.