This past week we celebrated the 233rd anniversary of American independence.
Our country was founded on the principles of personal and religious freedom and also on capitalism. Some referred to it at the time `as the “grand experiment” and we have seen it work.
The basis of capitalism is the private individual using resources most efficiently to produce what the buyer wants. It’s about giving the greatest value to the client at the lowest cost. And the beauty is that both producer and consumer win in the free marketplace.
Another important factor in a capitalistic society is the forward-looking approach. Americans have not accomplished what we have by looking backwards. We did not waste resources protecting the typewriter and covered wagon industries. (Or if we did, it didn’t help!) Dramatic and seismic changes invariably occur in every business. When change is embraced, it leads to new, exceptional and dynamic industries such as the personal computer and automobile industries, respectively.
While the recent economic climate is forcing many to consider making challenging decisions faster than they have been made in the past, these changes are not directionless. The outcome of many current tough choices remain yet unseen. What will happen to the newspaper publishing industry? How will the automotive industry re-emerge from the brink of insolvency? And in our situation, how will the legal industry forever be altered?
Outsourcing legal services is now inextricably linked to changes in the legal space, and only time will tell how it will all play out. With the strength of our capitalist spirit, the result will be better than we can even imagine today. We look forward to the unfolding of the ‘grand experiment” of legal outsourcing.