YouTube and Twitter have both recently announced the sharing of revenue with those who create the popular “shorts”, and the world of individual content providers are now some of the largest entertainment companies in the world.
The world of money is being shaken up by Bitcoin and XRP and not the Dollar or Yuan. The payments world is being led by the likes of Klearium and not Moneygram, and change in the Banking sector is being led by Klarna, Bitgo and Nexo and not Barclays and HSBC. The growth of alternative legal services providers and legal tech solutions reaffirms this in the legal space, change is clearly wanted and it is happening at a frightening pace.
Sports stars are now more frequently breaking away from traditional promotional contracts and taking control of their own destiny and revenues. Authors are now self-publishing their books, TV stars are launching their own podcasts, and the list goes on and on where the skill holder is in charge of their own destiny, and money.
There is not an industry that is safe from this change - the people, us, those that are traditionally considered "customers", want something different, we want to be recognised as "creators" and we want control back.
The last decade was the decade of social media and conglomerate tech monopolies - and the people of the world have had enough, research regularly shows that, on average, people are sick and tired of “being the product” and solely being used to drive ad revenue and shareholder value along with mining our personal data and accepting a narrative we may not want.
It would appear we want choice and control.
On the career front, LinkedIn changed the recruitment climate in 2004 when it gave the world access to profiles and data, and accessibility really shaped the talent landscape.
People are starting to realise that LinkedIn is largely a cesspit of unverified nonsense and data mining, continuously being hounded to engage because it drives ad revenue and shareholder value.
A huge percentage of people no longer get their news from mainstream media that is distrusted by millions and controlled by ad spending and political direction. People want more control over their news, their money, their jobs, their careers and much more.
We are now moving into the Sharing Economy.
As peer-to-peer lending is now becoming the norm, the next decade is the decade of peer-to-peer skills sharing, but what does this mean for one's legal career and how will legal professionals capitalize, and how will legal teams continue to flourish?
In a recent research paper, released by Nabii Research, the 3 Meta trends driving the global workplace are: -
- The Sharing Economy has taken over
- The Global Economy is perpetually unstable, driving the need to have on-demand uberization of skills
- The Future is Skills Led
- 80% of all jobs that we will work in, in the next decade, have not been invented yet. (Dell)- 70% of all Attorneys (globally) will be working in the gig economy in the next 7 years (GRM/Lexis Nexis)- Emerging economies, with larger and younger populations, are changing the global picture with millennials making up an estimated 75% of the global workforce (Deloitte)
- Millennials are the most likely to want a remote option. A whopping 84% of millennials say remote work is important vs. 66% of Gen Z, 75% of Gen X (Axios)
- 84% of Millennials and 81% of Gen Z’ers say they value the variety of work in the gig economy/freelancing as opposed to a permanent role. (Mint)
- Korn Ferry predicts that as many as 85 million positions will likely go unfilled in 2030 as global skills deficits reach an all-time high, likely to cost businesses over US$ 8 trillion in lost economic opportunity.
- The annual spend on recruitment services is currently US$761Bn.But the cost of bad hires is estimated at US$3 Trillion Globally which inc Re-Hiring cost, Lost: Training cost | Legal Cost | Productivity 36%
- Impact on Morale 32% and Client Relations 18% (IBIS World, Society for Human Resources Management, Gallup Research).
- And the cost of Low engagement, or “quiet quitting” is put at US$7.8 trillion per year.
So that means…..
- Most people prefer the flexibility of working in the gig economy to having a full-time job and this trend is set to continue.
- 70% of lawyers will be working in the gig economy in the next 7 years, as firms stop hiring “full-timers” and just bring in specialists to do each project
- By 2030, 85 million positions will go unfilled because of skills deficits
- In the next 10 years, 80% of available positions and projects, haven’t yet been invented.
- We have to be open to the possibility that some legal professionals might be better at the job than others - not everyone is the same - therefore the talent market is becoming more skewed, and the right skills are more highly sought after, and rarer to find and those people that are considered “better” can charge a higher rate for their skills - but there are more and more people in the market, meaning the top 10% of the legal market has access to 90% of the opportunities, and 90% of the people are fighting it out for 10% or the opportunities
- We are in a global labour shortage of the right labour not of labour in general, but the right skills and the way people want to work, and what those people want to get paid means that the top 10% in each sector have a choice and those that aren’t in the 10%, don't have these choices.
- So Legal Professionals are going to have to build their own skills and experience and they will do this by working on “gigs”/projects/contracts and taking control of their own training (short courses, YouTube) - not by relying on a firm to train them or a Partner/Boss to give them a variety in their work. They will take more control of their own destiny.
- So firms that need the skills are having to dip into a secondary, third and fourth level of employee selection that they would prefer not to - Paul Wolfe, former CHRO of Indeed, said "HR is often asked to make decisions based on imperfect and incomplete data, according to Wolfe, and “that’s not ideal for anybody,” he said. The importance of the relationship between HR and employees is receiving more attention during the current job-shuffling phenomenon as the Great Resignation. Wolfe describes it as a reassessment of a global population “that really needed it.”
- A combined US$18 trillion is due to be lost in recruitment spending, hiring the wrong people, and people not engaged and not trained, every single year.
- Add to this that more professionals prefer anonymity at the beginning of an approach, a skills-first approach, don't want a full-time employer and want the flexibility to work remotely and on multiple projects/clients - meaning the hiring company holds less of the power
So what's the solution?
Taking all of these changes and statistics into consideration, Umbiie is exactly what the global legal market needs. Umbiie.com is a skills-matching platform for legal professionals. It's a recruiting technology (rec-tech) platform that connects legal professionals with companies for jobs, consultants with projects and practice lawyers with new clients, from every corner of the world.
Umbiie embraces the Skillset Revolution, by promoting shared (anonymised) data and shared revenue solutions for all stakeholders involved in the recruitment process.Professionals need a platform that gives them control.
One registers on Umbiie, all personal details remain anonymous, and only skills and experience are how one is found. Therefore removing any potential unconscious bias.
Upon registration, the legal professional completes a verification check and is found when a company, anywhere in the world, needs someone with your skills and experience. This is not a social media platform, it has been designed not to irritate, but simply to deliver great opportunities, 100% matched to what the legal professional does, and to open up global opportunities for all professionals.If nothing matches, they will not be contacted, but when they are, they know it is not a waste of time, the more they build on your profile, the more opportunities will find them - when a message pings, they decide if they want to release their contact details.
They are the ones with the skills that are needed, Umbiie believes they should be the ones in control of the process.Practice professionals also benefit from using Umbiie. Build a profile and clients will find you if your experience matches their needs, then they can reach out to you, which means you don’t have to conduct business development for new client work.
Practice professionals can turn to the client side on Umbiie and search for consultants and referrals to use, and the dashboard enables them to keep a record of who they use for certain practice areas, and the diary will let you know when they are available.Companies need a flexible, fast solution with 100% matched candidate profiles that they know have already been pre-vetted (background checks), all professionals on Umbiie will have been KYC’d.
They need the ability to track a roster of verified talent, to pipeline for current and future roles and be able to rely on that they can have what you want when they need it.For companies that use Umbiie to recruit for jobs, find contractors for projects and pipeline a talent roster for the future, it is the most accurate legal recruitment, talent pipelining and resourcing platform available.
It is free to search on, companies only pay when you want to directly contact a 100% fully verified legal professional that can do what you need them to do. Their contact details are anonymized so your selection basis is matched to their skills, experience, cost and star ratings.
Once you pay, you have access to that profile for “life”, and you are able to source for immediate legal recruitment needs, and pipeline for future projects using Umbiie’s innovative talent pipeline dashboard, calendar and skills testing technology.
What is the shared data and shared revenue model and how does everyone benefit?
In addition to the stats above, there is extensive research into how much time, money and productivity are wasted per annum by hiring the wrong people and looking at what professionals desire and how people want to deliver work and legal services now and in the future, we designed Umbiie to be the platform for all.
We see that whilst other platforms and social media give you access to personal data, this doesn’t breed accuracy in the recruitment process or satisfaction and opportunity for legal professionals.
In a world first, Umbiie recognises that the shared economy is the now, and the future. Umbiie works on anonymised profiles and all paying customers can see the skills and experience profiles and decide to approach to unlock them if they choose.
Should the professional(s) accept the approach, the revenue is shared between the skill-holder and all other stakeholders in the process - this is a world first, it reflects and embraces the desire of our audience to create a genuine community of shared skills, and rewards the right people in the recruitment process.
Umbiie is staffed by veteran legal recruiters, developers and legal professionals, all working together and sharing their knowledge to build and improve the best solution for the legal market in every country, at every company, and for every individual that deploys it.
It works off 100% matches and 100% fully verified professionals and opportunities, and every stakeholder shares in the success.
At the heart of Umbiie’s platform is the symbiotic relationship between a hiring company and a professional’s skillset - most of the current platforms on the market, be it LinkedIn, contingency recruitment firms, or even some internal talent teams, almost always forget this.
As we move into a global gig economy, skill and experience are now becoming the most valuable commodities.
The power base has shifted - the individual holds most of the aces through their skills and experience, and we are moving away from the company-led, corporatized job market of the past, and this tech is at the heart of a solution for everyone.
Umbiie is the now, and the future
Register today, professional or company, www.umbiie.com