Ten years on, we think law firms face a different kind of threat [than the 2008 recession]. The recession was a ‘known’ event (albeit severe) to be endured and managed — as law firms have done in prior economic downturns. The threat in 2018 is broader and more nuanced, arising primarily from the sweeping force of technology evolution over the last two decades that has resulted in the commoditization and commercialization of more and more legal services. This new threat wasn’t caused by the recession, but the recession was clearly an accelerant.
—From the 10th annual Altman Weil Law Firms In Transition survey, detailing the pressure firms face from technology. The survey also posits most firms have a “false sense of security” and a “mis-direction of focus” when it comes to dealing with these challenges.