Law Society Report: Innovation in Services & Service Delivery Crucial for Future Success of Law Firms

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Title*Law Society Report: Innovation in Services & Service Delivery Crucial for Future Success of Law Firms
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Posted by Callie Sierra

February 28, 2017

 

The Law Society recently released a report titled Capturing Technological Innovation in Legal Services, which offers an interesting look at technological innovation in the context of legal services. The report features interviews from technology pioneers and adopters and looks at the legal sector’s growing interest in advanced automation technology. Findings from the report make one thing very clear: firms’ ability to innovate will be crucial to their future success. Here are four key takeaways from Capturing Technological Innovation in Legal Services:

 

Technological innovation is crucial to growth

 

The pace of change is rapidly accelerating, and the time for technological innovation is now. A 2016 survey conducted by the Law Society found that nearly three-quarters (24%) ‘strongly agreed’ or ‘agreed’ (47%) that ‘innovation is critical to exploit opportunities and differentiate my firm.’


Yet, few firms are eager to take the first steps towards innovation. Though nearly 50% of survey respondents said that they were ‘good at generating new ideas and approaches’, more than half reported that they are more likely to wait and see what happens in respect to new technology. Even more surprising, only 57% reported having a clear strategy for addressing change in the market. The legal landscape is quickly changing, and those firms that are willing to change with it will come out on top.

 

Firms need to work smarter, not harder

 

Challenging market conditions are pushing firms to uncover new ways of getting more from their resources, while at the same time strengthening relationships with clients. To stay ahead of the curve, firms will need to shift to a more business-minded mentality and tap into new technologies to assume a more project management focused approach. Advances in robotic process automation, machine learning and artificial intelligence are making it easier for firms to streamline their processes and operate more like businesses.

 

Automation offers immediate step towards digitisation

 

Automation is quickly permeating the legal profession. Gartner forecasts that around one third of current jobs will be automated by 2025. As an increasing number of start-ups and alternative service providers offer solutions that automate repetitive processes, firms should explore how they can benefit from automation.

 

According to the report, automation can deliver 20-40% cost savings to a firm and improves compliance by eliminating the risk of human error. However, the most successful automation occurs when firms ensure their processes are streamlined before employing automation technology.

 

Lawyers are now part of the business team

 

As one survey interviewee stated, “a good lawyer adds value through listening skills and empathy.” As smart technologies change the traditional way of practising law, more attention will be paid to lawyers’ ability to help clients through processes, provide quality consultation and bring a human element to law. Done correctly, technology will augment the work of lawyers, rather than replace them.

 

There’s no doubt that law firms need to adopt technological advancements to remain competitive in an increasingly fragmented marketplace. However, technology itself won’t bring about innovation, firms must shift their mind-sets, business models and find the intersection where people, processes and technology meet.


Read the full report

 

 

Callie Sierra is the Head of Marketing at Sysero. Her expertise lies in bridging customer insights and communication strategy to build powerful marketing programs. Contact her at callie.sierra@sysero.com.

SummaryThe Law Society recently released a report titled Capturing Technological Innovation in Legal Services, which offers an interesting look at technological innovation in the context of legal services. The report features interviews from technology pioneers and adopters and looks at the legal sector’s growing interest in advanced automation technology. Findings from the report make one thing very clear: firms’ ability to innovate will be crucial to their future success.
More Information13
Resource TypeBlog
CategoryLegal Tech Trends
Publish DateFeb 2017
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