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How Non-Lawyer Owned Law Firms Could Change the Legal Business Model

Cut To The Chase: Podcast Hosted by Gregg Goldfarb

Release Date: 10/02/2024

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More Episodes

What could happen if non-lawyers start running law firms and how would it reshape the legal landscape?

With Arizona's groundbreaking shift to allow non-lawyers to bring in business for law firms, this episode dives into the broader implications of such industry changes and how they might affect everything from competition to investment opportunities in the legal field.

Today we’re showcasing an episode of Be That Lawyer hosted by Steve Fretzin, a renowned legal business development coach. Steve invited our host, Gregg Goldfarb, on his show to explore how these changes impact the future of law and law firm ownership.

Steve Fretzin has been at the forefront of legal tech discussions and recently participated in a cutting-edge legal tech roundtable. His expertise in leveraging AI to boost firm efficiencies and tackle new business opportunities makes him an invaluable resource for any legal professional.

In this episode, you'll discover how non-lawyer owned law firms could transform the legal business model, the potential for collaborations with major corporations like Google and Deloitte, and the essential role of networking and continuous learning for today's lawyers.

What to expect in this episode:

  • Overview of Arizona's pioneering law changes that allow non-lawyers to own law firms.

  • Potential ripple effects of these changes across other states and the associated boost in tax revenue.

  • How major players such as Google and Deloitte might enter the legal sector, increasing competition for traditional law firms.

  • Interest from Wall Street and insurance companies in investing in the legal industry.

  • The value legal conferences provide in terms of practical knowledge and networking opportunities.

  • Importance of financial advice and support from lenders for diversifying practice areas and growth.

  • The evolution of legal marketing & How you can adapt as a law firm owner.

  • Steve’s and Greg’s personal perspectives on investing in yourself to boost business growth.

Key Actionable Takeaways for Law Firms:

  • Expand Networking: Identify strengths and leverage them to form strategic partnerships and referral networks.

  • Stay Informed: Continuously educate yourself on industry changes and new technologies, especially AI.

  • Diversify Practice Areas: Consider branching out into different legal fields with the help of financial lenders.

  • Invest in Marketing: Hire qualified marketers and make use of social media and TV ads to capture potential clients.

  • Participate in Conferences: Attend legal conferences to gain practical insights and build valuable connections.

  • Adapt Quickly: Embrace the fast-paced nature of client expectations and emerging business models like non-lawyer owned firms.

 

Stay tuned for more updates, and don't miss our next deep dive on Cut to The Chase: Podcast with Gregg Goldfarb!

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This episode was produced and brought to you by Reignite Media.