As for new client acquisition, word-of-mouth referrals are taking a backseat, with digital branding becoming the way of the future. And the legal ecosystem is becoming far more intertwined and complex.
So, where does that leave you?
Take a glimpse into the future with our top 5 predictions for tomorrow’s legal profession.
Tools like AI can complete tasks such as contract review extraction at a rapid speed – and often, with more accuracy than a human. At the same time, digital platforms are automating many processes and activities that were traditionally performed by lawyers.
So, if machines can do what lawyers used to do, do we still need lawyers?
There’s at least one task that technology can’t do: replicate the human experience. Only people can bring humanity, purpose and an ethical mindset to legal work.
Exceptional client service without a hefty cost is becoming essential. Firms that can offer a personal experience at a competitive rate will lead the future.
The first step to creating this experience is determining what clients truly want.
With this knowledge, firms can invest in solutions to facilitate targeted relationship building. CRM systems and information capturing can be integrated to automate and enhancecommunication processes – resulting in a seamless and tailored client experience.
Being innovative in the legal profession isn’t solely about technology - it's a catalyst but not the change management. Innovation means thinking differently in a traditionally risk-averse industry, building resilience, and building skills like 'agile management' to improve processes.
With agile management, firms will learn to prize interactions over processes and tools. To value collaboration over negotiation. And to adapt in the face of change, rather than dogmatically following precedent.
Understanding, using, and making the most of technology is becoming a critical business requirement for legal practice. Likewise, understanding data, what it's telling you about your business and your clients matters, and using predictive analytics to anticipate problems before they happen is changing the way lawyers practice.
People, process, and technology are intricately connected and integrated in contemporary legal practice, but that doesn't happen by accident, you need a strategy.
Legal businesses of the future are going to grow through networks. Often, this will involve developing partnerships within the organisation and aligning with others.
We’re living in an age where clients want broader solutions from their professional advisors. Perhaps they’re looking for business growth advice with legal consultancy alongside. Or maybe they want a partner who can offer a 360-degree M&A solution. Whatever the field of law, firms need to integrate more into their offerings through high performing multidisciplinary teams and understand how their capabilities connect to business performance.
This will lead to a legal ecosystem centred around service provision. One where collaboration takes centre stage and people and business performance are aligned..
A collaboration between The College of Law’s Centre for Legal Innovation (CLI) and the Australasian Legal Practice Management Association (ALPMA), Innovation and Legaltech Week 2021 aims to shift the mindset of the legal industry – and act as a catalyst for sustained continuous improvement and agility
The FREE VIRTUAL event is running 8-12 February 2021.
REGISTER NOW to secure your spot and plot those CPD points into your calendar.