Whitepaper: Boosting agility and efficiencies through technology and soft skills
A combination of internal pressures and external factors is driving wholesale change in the legal services market. By 2020, innovative practitioners will have harnessed advancements in technology to address emerging market opportunities, fundamentally redefining the legal function. Innovative law firms will drive a transformation of the services they offer and the way they deliver them. Whilst this evolution takes place within the legal market, soft skills such as communications and stronger relationship management will become increasingly important to maintain high service levels.
As the Chief Financial Officers (CFOs) demand year-on-year cost reductions, doing more with less is critical. Externally, changes in the market ranging from the accelerating pace of new regulation to increased competition are presenting opportunities and concomitant risks. As the legal sector opens up, alternative legal service providers are entering the market with innovative technology, while traditional rivals transform their operations.
Legal technology providers are also driving change in the legal services delivery model. Law firms and law departments empowered by technology that enables them to work smarter are taking a fresh look at who is doing the work. Low value work is increasingly automated and outsourced to lower cost providers, while key employees in the law departments move up the value chain. Meanwhile, highly specialised work is more readily identified so that focused expert support may be brought in. This means that by
undertaking ‘higher value’ work, employees can focus on building client relationships founded on a deep knowledge of client challenges. As employees’ workloads become more mission critical, providing bespoke services to key clients rather than working on repetitive tasks, will have a positive effect on staff retention.
This whitepaper sets out the opportunities for technological modernisation in the legal sector and addresses the need to develop soft skills in parallel so that law firms and legal practitioners can reap all the benefits of innovation.