The Future Law Firm
The legal profession is in the midst of a period of rapid change; with the fourth industrial revolution upon us and with the advent of Artificial Intelligence and robotics.
Clients are becoming far more demanding, competition is increasing, the downward pressure on fees continues and Brexit is looming on the horizon!
Being agile will be a key factor in future success, as the firms that will survive and prosper are those that are able to adapt quickly.
Investment in technology is crucial. Rapid technological advances over the last five years have resulted in sophisticated Practice Management Systems that allow staff to communicate, collaborate, time-record, e-bill clients and analyse data efficiently from any location. Technology has made good lawyers even better; improving productivity, reducing costs and increasing efficiency. AI and robotics has the ability to automate basic processes, freeing up lawyers to concentrate on the often more profitable, high end strategic work.
The workforce of today has grown up around technology. Millenniums will shortly outnumber the aging baby boomer generation and they expect technology that is simple to use, works properly and saves time. Exactly the same as the Apps they use on their smart phones. The millennium workforce has provided the cultural change necessary to exploit it.
The agile firm embraces technology which results in greater flexibility. Lawyers can now log into systems from home or the local coffee shop and have access to all the processes and data as if they were sitting at their own desk at the office.
The modern firm promotes flexible, remote working. Its workforce is encouraged to work remotely from locations outside the office as long as they are accessible and responsive to the firm and its clients.
All firms are challenged with finding and retaining talent. The agile firm is better placed in this regard; harnessing technology and flexible working practices to stay ahead of the competition.