Future-proofing the law firm
Various trends are impacting law firms in 2019 and there is one common theme – technology. PWC’s Law Firms’ Survey 2018 reported that “100% of Top 10 and 40% of Top 11–25 firms view technology as the key challenge facing the legal sector over the next 2 years.”
Cybersecurity and data protection
The PWC Information Security Breaches Survey 2015 report states that 90% of large organisations and 74% of small organisations have encountered a security breach.
This is coupled with the results of PWC’s Law Firms’ Survey 2018, which found that 86% of Top 10 firms, 80% of Top 11–25, 92% of Top 26–50 and 86% of Top 51–100 firms are either extremely concerned or somewhat concerned about this threat.
Data-driven
Increasing numbers of legal organisations are becoming more data-driven. This applies to data from cases they are dealing with, as well as data from within the company to improve efficiency and productivity.
Whatever the reason for collating data, the correct software tools are essential to turn it into valuable insights. DPS provides law practice management software that can do just this.
Clients’ expectations regarding service
Everybody is too busy these days. People don’t want to be chasing their solicitor over the phone for updates and law firms don’t want to be taking these calls. Clients expect to be able to access their case progress 24/7. You can’t be available all day every day so make sure the client has access to the status of their case online. Let them upload documents digitally rather than posting them, it’s quicker and easier for all involved.
Brexit
Brexit is on everyone’s minds. The results from the PWC report are interesting, though. Law firms aren’t worried about having to reduce headcounts or move locations. It’s the regulatory and structural aspects that are causing more concern, with all Top 10 firms having a committee focused on these aspects alone.
Organisations are all too aware that if and when Brexit does happen, they will need to be prepared and move quickly to ensure business continuity.
As law firms change in the face of digital disruption, staying on top of technological advancements will be one of the main ways to future-proof law firms.
