"Banks are quickly approaching their 'automation tipping point,' and they could reduce headcount by as much as 30%. That's according to a new Citi Global Perspectives & Solutions (GPS) report on how financial technology is disrupting banks." - Portia Crowe, Business Insider, March 30, 2016. Here is the article.
What that adds up to is a total loss of 1.8 million jobs in the U.S. and Europe over the coming decade. The driver is mobile. Not only is the tech here. Millennials and Generation Z demand to transact their banking that way.
Some of this is already happening in the law sector. As for B2C, the LegalZooms are eating into the solo and small firm business. So is DIY advice so clearly explained on the Internet.
Yes, for example, it's possible to do our wills totally on a DIY basis. Just from how I outline how in this article for MyBankTracker. Likely, it itself sucked off business from the small players in that niche.
If the B2B side weren't so stodgy, tech would have already eaten plenty of jobs in discovery procedures. Should there be "activists clients" who mandate more tech replace people on their accounts, associates' heads would roll. It could come that prospects will require in new-business proposals the law firms detail what tech would be used, how, the projected increases in productivity, and estimated decreases in expenses.
Sooner than later, law firms could become known by their disruptive and productive leverage of technology. That could be a major selling point.
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