If you think the legal industry’s future depends on small and big firms working together, you might be from MaRS. By MaRS, we mean the Canadian-based MaRS Discovery District (originally named Medical and Related Sciences) and its recent project to innovate the legal profession.

In this episode of Law Technology Now, host Monica Bay interviews Aron Solomon and Jason Moyse, the co-founders of recent MaRS startup LegalX. Together, they talk about today’s transition from the big firm model of yesterday in favor of more nimble practices traditionally found in smaller firms and startups. Although there will always be a need for Biglaw on large, highly profitable matters, 80% of the U.S. market is priced out of legal services. That unmet need has become a primary driver in sweeping change to the legal industry.

So, what do these driving forces mean for the future of law? Monica, Aron, and Jason take turns answering that question with their forecasts of the legal market for the next 2-5 years. Not only will this near future continue to see big firms receding, but it will also usher in an era of innovation. Legal solutions made on one side of the globe will be solving problems on the other. Even more surprising, it is predicted that Biglaw will collaborate with small firms to produce more comprehensive offerings at lower prices. Tune in to hear more about the future of law as seen from MaRS.

 

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