& Thales' Press: December 2009

Monday, December 28, 2009

Predicting the Future of Legal Services

WHAT BUSINESS MODEL WILL PREVAIL?
- by Gerald A. Bush, Ph.D. and Robert D. Brown

UNDERSTANDING THE MOVES OF LAW FIRMS AND CORPORATE COUNSEL

Seeing what will happen in the future can be incredibly valuable. Is there a reliable way to look at the legal services market and predict the future business model? Better yet, by knowing what model is likely to emerge from the ideas being discussed today, are there actions that law firms or corporate counsel can take to engineer an outcome that better meets their goals? Can understanding the psychology of the game help create a business model that will work better for everyone?

Questions such as these are the domain of game theory, the cold-eyed calculations of multi-player interactions that made John Nash of Princeton famous in the movie “A Beautiful Mind”. More recently the amazingly accurate predictions that Bruce Bueno de Mesquita described in his book “The Predictioneer’s Game” have revealed some of the secrets behind the models used in many transformative geopolitical negotiations and high stakes business conflicts.

Read more here...