The biggest challenges faced by legal departments according to corporate counsel are improving operational efficiency, ensuring regulatory compliance, alleviating budget pressure, delivering despite a staff shortage and making better use of technology. So, in a nutshell, doing ‘more with less’ is an overriding objective. Often, corporate counsel often has a gut feeling that everyone in the department is “doing more with less”, but struggle to quantify the “more” and the “less”.
The well-publicised Mishcon de Reya £1m fraud case, when its client was duped into buying a London property from a seller dishonestly posing as the owner, has sent ripples of alarm throughout the legal community.
Reflecting on the NHS ‘WannaCry’ Ransomware attackLike everyone else, I was saddened by the NHS Ransomware attack that took place, and unfortunately it’s the kind of thing we’re now seeing on a frequent basis.
Across today’s legal ecosystem, a set of complex forces has pushed law firms to strategically reexamine and transform operational support in a way that places a greater emphasis and value on corporate client-facing activities. Cost pressures, new competitors and emerging technology, and evolving workforce dynamics are influencing an industry that is now embracing change in different ways.
“Ashurst falls short of 40 per cent female target in 19-strong promotions round,” is the lead headline on an April email news update from The Lawyer. Further down the bulletin another headline reads, “Reed Smith announces agile working in London ahead of office ‘refresh’”.
Merlin Knott at SAP UKI and David Milburn at itelligence Business Solutions UK say law firms must sharpen their appreciation of how analytics can improve the whole business value chain to drive improvement in profitability
At the moment, everywhere I turn I am met with yet another article scaremongering about the latest General Data Protection Regulation (GDPR). I've heard stories of fines for non-compliance of anything between 4% and 10% of global turnover, as well as promise that Brexit will provide some sort of respite from GDPR, which is certainly not the case.
Outsourcing is a strategy increasingly adopted by law firms and ABSs eager to operate more efficiently and focus on their priorities of fee earning and business management. But, before engaging an outsourcing provider, careful screening is recommended.
Leaders in all sorts of operational and managerial roles across the legal sector flocked to Briefing Operational Leaders in Legal 2017 in March to discuss what it takes to lead change in a law firm… which turns out to be quite a lot. Kayli Olson reports.
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