In the same episode, he also highlighted how the ever-changing economic climate is reshaping the legal industry and how companies purchase legal services.

Redenbach reflected on the changing nature of the legal profession, noting that when he entered the field, solicitors were generalists handling a wide range of legal matters, while barristers were called upon for specialised cases.

“I’ve had a lot of conversations with practitioners like myself who’ve gone through that transition from where law was a generalist profession, solicitors were generalists if you like, and then they might hire a barrister who would be a specialist in a particular field,” he said.

However, Redenback pointed out that over time, specialisation has increasingly “gripped the solicitor’s profession”.

One of the primary drivers driving this trend, Redenback revealed, is the modernisation of the legal profession.

Redenback shares his personal experience: “When I got into law, I signed a contract, you love this, as an articled clerk, that I was bound as a servant to my master. Now that literally were the words in the contract”.

This traditional hierarchical structure, as Redenback explained, has given way to a more modern approach facilitated by technological advancements and changes in practical practice structures.

VIEW ALL

“With technology now [providing] the ability to run an ILP (incorporated legal practice) and the benefits of having social media, there’s been a massive shift in the way information can be digested,” he said.

The integration of such technology has revolutionised how legal information is disseminated and consumed, empowering clients to make more informed and sophisticated decisions about legal services.

“Frankly, I suggest a more sophisticated approach of clients in being able to discern by having perhaps their own internal lawyer, what is a service that they actually need and where they’re going to get value,” he said.

As clients have become more knowledgeable, their expectations and demands have evolved accordingly.

In accordance with this idea, Redenback proposes that clients adopt a more refined approach to receiving legal advice, which has consequently led to an increased demand for specialised legal services capable of efficiently addressing specific needs.

“There’s a devolvement as the specialisation unfolds, as clients are becoming more sophisticated consumers and becoming, in effect, intelligent consumers of where they consume and demanding local provision of services as opposed to necessarily having to come into town and do all the things that used to happen,” he said.

This trend towards specialisation is also evident in the geographic distribution of law firms, with Redenback expressing how “in 2011, there were 2,500 practices located in the suburbs, 2,500 in New South Wales, and now today, 2023, there are 3,683 practices located in the suburbs. So that’s a big increase.”

Another significant factor that Redenback brought attention to that is contributing to the rise of specialised law firms is clients’ growing dissatisfaction with large law firms.

“The other driver is that there’s ‘large law firm dissatisfaction’ going on. It’s not often spoken about, but I’ve been in those firms, and I can tell you there is a big disenfranchisement going on,” he said.

The sentiment has motivated numerous seasoned attorneys to establish their own specialised practices, affording them significant autonomy and the ability to candidly express their perspectives.

“Partners are literally voting with their feet, saying, ‘I’ve got no say here, I’ve got no control. I’m just going to do my own thing because I know I can trust myself,’” he said.