The family law industry is undergoing change at a rate faster than I’ve ever experienced. A number of forces have converged to create a level of uncertainty that is unprecedented.

Why are things changing? Three reasons.

First, competition for business is at the highest level ever. With law schools graduating more lawyers than ever, new lawyers are flooding the marketplace. Experienced lawyers are being laid off by their firms. More and more of them strike out on their own and imagine that family law is something they can do to make a living. Couple all of that with the growing competition from document drafting services, mental health professionals handling negotiations and mediations, and accountants stepping into the arena, and you have tremendous pressure on family law prices. The ever-increasing anti-lawyer sentiment plays right into the hands of non-lawyer competitors.

Second, prospective clients have experienced an economic reset. They now view family law as less valuable than they once did. They are less willing to pay premium rates. Clients who were once ready, willing, and able to put a divorce on a credit card or a 401(k) loan are now more conservative with their money and have less credit available. Clients who once demanded “the best” are now willing to live with “good enough.”

Finally, technology has changed everything. I’m talking about advances in technology that facilitate practice efficiencies. I’m also talking about technological advances that change the nature of sales and marketing. Technology is a factor in family law like it has never been before. Being a family law expert now requires a thorough understanding of the technology of practice management along with the technology of sales and marketing.

What will it look like when things shake out? I don’t know. I do know that it will be different from what it is now. Different money. Different professionals. Different expectations from clients, and a different type of service than we deliver now. Tomorrow won’t look at all like yesterday.

So what does that mean for you? It means tread cautiously. If you’re expanding, be careful about using leverage to do it. If you’re considering family law as a career, be cautious: it might not support you for the decades you need to build your financial career. Family law is changing, and it won’t look the same in the near future. Ignore that prediction at your peril. If you’re currently practicing family law, think about profit taking. Don’t invest a great deal today expecting to reap the benefits tomorrow. Market forces may be more powerful than your ability to overcome them. Be very careful out there.

What do you think? Am I on track? Off base? Thoughts?