Max Junestrand

Let's say it's 100,000 pounds.

The minute that one of the firms that are playing in this game are able to offer that at a lower price but same quality or maybe higher speed or something like that, some attractive aspect of running that deal, let's say they're offering at 80k, you kind of break the equilibrium.

Everybody has to move to that equilibrium.

So it's kind of a market share game.

It's like who can run the fastest on technology and all the other aspects of what it takes to run a law firm.

and who can win most of the market and then hold that market.

Because then I think you're able to deliver additional services that go outside of what the very, very, very competitive things are.

I actually think law firms will be bigger because they will consolidate, but I don't think that you will need the same number of lawyers running a transaction as you have today.

If you have a physical data room, that's why it's called a data room, you used to have to send people there.

They would open up all the boxes, read everything, make all the commentary, and then it became a virtual data room.

Yeah, so more transactions, probably fewer people running those transactions, but every person can run more transactions because of technology.

I do think that there will probably be less junior lawyers and trainees, because I think that you just won't need as many people to execute the work that the firm has.

Right.

Partnerships accrue profits, so if I can take out... But I'm already seeing patterns of this where firms that we work with will have somebody leaving.

They will not fill the vacancy, but they're doing more revenue than they did last year.

And so it's a higher profit.

I think it might also create an opportunity for big law will do really well because they have a lot of moats and a lot of brand and a lot of data.

Small law can do really well because that's still operating on a very, very personal basis.

I think where it might get difficult is mid-law, where it's very competitive.

You're competing hard on price.