While 95% of lawyers foresee tough times ahead, 58% of firms are planning to grow in the next 5 years.
These were the results of LexisNexis’ latest Bellwether report ”The Riddle of Perception” which aims to unveil the fears and expectations nurtured by the legal sector. The research also shows that confidence and performance levels have decreased to the levels reported in 2013/2014.
”There is also a widely held belief that traditional survival tactics won’t be enough to weather the storm…continual investment in technology is no longer optional” states the report (p.9)
64% of the respondents feel that investing in technology is an essential prerequisite for the future of their firms. 28% of them strongly agreed with this statement.
Thinking outside the legal box and growth are two positively correlated factors, and technology offers the platform needed for making new ideas possible (see Hall Ennion & Young Solicitors’ example who are using a CMS-telephone integrated system- an idea conceived by their Managing Director).
“I have done a lot of work customising DPS Outlook Office- our case management software. The telephone integration was one element which I felt took case management one step further and really turbo-charged our efficiency” Karl Irons, HEY Solicitors
While 72% of the respondents agree that change is not a strength for solicitors, they seem to identify this weakness in others and not in themselves. ”The grounding you get at university is you read what someone else has said and how that would apply to a different situation. It doesn’t challenge you to think about how things could be changed.” (The Bellwether Report, p.10)
When it comes to technology and innovation, there is still a mismatch between theory and practice. The report also reveals a lack of understanding around which types of technology would make the most impact on the business. 21% of the respondents stated that they do not need a practice management system and didn’t see it as an essential system.
However, increased investment in technology is one of the main changes implemented in the last year.
Changes in client demands and regulatory changes impact on working practices, forcing legal professionals to change their attitudes and think outside the ”lawyer box”. Case management software and the more advanced practice management system, are just the mere foundations of a future-proof modus operandi for legal businesses. A 5 year growth (as envisaged by most respondent) is difficult to imagine without these basic technology solutions, automating tasks and used to lay the foundation of efficient processes.
Added By: DPS Software | Date Added: 11th Nov 2016 | Posted In: Uncategorized