Resisting change inhibits growth
As we move into a new year and, in fact, a new decade, there is more pressure than ever for businesses to modernise their processes. And as much as law firms may like to think the opposite; they are not immune to this trend. The legal environment is evolving and lawyers will be expected to keep up.
It’s important that firms are aware of the risks they could face if they do not embrace modernising the way they operate. Perhaps the most key to note is the risk of losing competitiveness. If other legal practices are able to provide a more efficient, cost effective and less time consuming service, customers will flock to them. This is especially true as the technology savvy generation grow older and look for businesses that can offer them a simple, convenient way to do legal services.
This segment of the emerging market, who will very soon be a large proportion of potential clients, is at risk of being lost if law firms don’t modernise because they expect technology. These expectations are only going to keep progressing, with a higher demand to see more innovative services that are not only transparent, but also instantaneous. Traditional pen and paper methods won’t cut it for much longer. Through listening to needs such as these, a firm is more likely to satisfy and retain consumers. Resisting the need to change will only inhibit a firm’s ability to grow and expand. They should look at optimising services to create business differentiation through the use of, for example, integration and automation. Ten years from now, the profession is set to look radically different, with lawyers perhaps expected to have a mix of different skills, not just those traditionally known. This can be pre-empted and acted upon now.
Technology in law can be disruptive but it is a huge opportunity that should not be overlooked. Firms need to adapt and develop their strategy for the future to maintain prominence. This could include reviewing the technology they use and ensuring that their provider has a solid roadmap for the upcoming innovation of their products.