Law firms continue to evolve and look at different ways to engage with their clients. The overall goal of the law firm is to understand the client’s business issues and deliver the best legal services possible.
According to the Legal Institute for Forward Thinking, for law firms to thrive they need to sell smarter by really getting to know their clients, potential clients and industries of interest. They must reduce delivery costs by delegating tasks to non-lawyers and lower cost lawyers within the firm, developing budgets and sticking to them, improving efficiency and processes that affect the quality of service.
In 2018, law firms will still be exploring merger opportunities as well as looking a lateral talent. From a business perspective firms will focus on technology innovations as well as viewing pricing as a competitive tool. Firms need to understand their costs to be better able to let clients know what fees to expect. Tools to investigate in 2018 include Bodhala, Thomason Reuters’ Legal Tracker and Prosperoware.
We have previously discussed how technology has expanded beyond work product management systems and electronic discovery. Technology trends that are impacting the legal profession in 2018 and beyond include:
- The demand for international legal expertise
- The globalization of the law by standardizing laws and regulations
- Expanding the use of Blockchain to verify and store the user’s signature
- Expansion of document automation through “smart” template software, setting control limits, and notifying lawyers when a document needs to be reviewed.
- Providing risk management services such as drafting corporate policies, employee handbooks, service contracts, privacy policies and legal compliance.
When you need to evaluate a tool or strategy, Access/Information can help you behind-the scene and deliver information you need.