There are lots of lies going round the legal world about competition among lawyers and law firms. Staying focused and determined to succeed are vital factors in your career as a lawyer. What about these baseless lies about competition?
In the legal profession of our day, competition is real and it’s prevalent where lawyers exist in all regions of the globe. And if you don’t know how to handle it, your law firm or your practice will derail. You will lose paying clients, and you will have a downturn in your income.
According to Richard Simmons “The business of law is moving fast as entrepreneurs and innovators enter the arena. We are seeing new players, different business models and a new generation of lawyers developing against the backdrop of a cutting-edge technological revolution”.
Every year, our law schools graduate thousands of lawyers and many practising lawyers set up their law firms in great numbers.
So how do we guard our noble profession against lies about competition which has been believed in some places? What are those things we should have at the back of our minds regarding competition among lawyers so no one can mislead us? Like I said earlier, completion in the legal industry is real, but here are lies you don’t have to believe.
1. Competition is reducing the cost of Legal Services.
A lot of lawyers are thinking that the decline in the cost of legal services is as a result of stringent competition among lawyers. But I don’t completely agree with that notion.
There ‘s an insane number of lawyers looking for clients which makes it extremely hard for some lawyers to get clients of their own.
But often, lawyers get so caught up with this baseless falsehood so they are reluctant to charge commensurate fees for their services. The problem with charging fewer fees is that it makes lawyers work like elephants and eat like ants. Lawyers don’t want to charge lesser fees – so I’m. Stop fretting about who is doing the right thing somewhere, and who is winning over the hearts of potential clients more than you.
In spite of the widespread competition in the profession, many lawyers still charge great fees. Take a look at the following screenshot from thervo to see what I mean.
2. Competition favours Only Old Lawyers.
You’ve probably heard comments like “competition favours only the Old lawyers”. But what are the things old lawyers or law firm do that young lawyers don’t do? What makes competition profitable to old lawyers than the younger ones? I can imagine a lot of things, actually, but they don’t fall in within the purview of this post.
Apart from referrals from old clients, which younger lawyers can still make up through proactive marketing, old lawyers don’t have much in their favour. If you continue to hold on to this false comment, then you are not going to be able to start, market, or grow your practice.
3. Competition is Higher Now than in The Past.
Most lawyers assume that competition is higher now than it was in the past. They believe the number of people looking for legal services is not increasing as the number of lawyers continues to skyrocket. This is false.
Competition has been high and old as the legal profession. There is nothing new about it. Lawyers, who have excelled, are those who do something different from what others are doing.
Instead of musing around discourage and depress, start taking advantage of the modern law practice toolkits and give your practice a push-up.
4. Competition is The Cause of Unemployment among Lawyers.
There is no definitive answer to the cause of unemployment among young lawyers. But like I have heard many lawyers complained, competition is the main cause of unemployment among young lawyers. Most lawyers think that because many people are entering law schools and passing out in thousands yearly, there is little or no hope of a successful career for the younger lawyers.
Competition, however, has brought an increase in the number of law firms. And this is good news for young lawyers looking for jobs in the law firms.
5. Competition from Non-Lawyers Source is Removing The Demand For Real Lawyers.
It has become easier for people to have access to legal documents with just some few clicks on some website. And there are many websites owned by non-lawyers where legal documents are sold.
This unwholesome behaviour of these digital content marketers has made some lawyers conclude that real job for lawyers is diminishing. But, this conclusion is still far from the truth. Honest, hardworking lawyers are getting real jobs now than before.
The demand for real lawyers will still be high no matter the raging competition from non-lawyers source. Moreover, people value documents prepared by real lawyers more than what they pay to download online. This is a result of the obvious ambiguities and distortions found in these e-documents.
6. Competitive outsourcing For Work in Foreign Countries Will Erode Traditional Lawyer Job.
Because of the shrinking Local Jobs, many lawyers are outsourcing for work abroad. Many, many lawyers today have clients abroad that give them jobs. This is good as it helps to curb unemployment among lawyers.
Competitive outsourcing for work, on the other hand, has raised great outcry amid lawyers. Some believe it will erode the traditional lawyer job in the future if not well checked. While others think it will reduce the quality of work done locally because many skilled lawyers will shift their focus.
However, I don’t think there will come a time when local jobs will not be available, and I also don’t agree that a time will come when all lawyers will turn to outsourcing for legal jobs.
What do you think about competition among lawyers? Let’s hear your view. Comment below.