How law firms can stay competitive?

In the PwC survey, 15% of employees and 21% of female employees said they would give up part of their salary and reduce the pace of promotion by working fewer working hours. If flexible work were offered, 64% would like to work from home from time to time. Staying relevant to clients and growing your law firm requires keeping abreast of industry trends. But sometimes finding good information can be a challenge, and interpreting new data can reduce your free time.

The pandemic has been tough for all of us, but for small law firms, it has forced many to venture out of their comfort zones and start approaching work differently to help their clients through this difficult time. Powered by artificial intelligence (AI), Westlaw Edge quickly performs tasks that have traditionally stuck law firm resources, leaving clients pleasantly surprised at how far their legal fees are being extended. Suttie suggests case studies to illustrate what a company can do for its current and potential customers. And, despite the obstacles of the pandemic, 47% more leading technology law firms experienced profitability increases, while firms in technology transition (28% of which saw increased profitability) and firms that followed technology (13%) struggled.

The annual China%26 Law practice awards are the jurisdiction's most prestigious legal awards ceremony that applauds the Chinese elite. When looking for a trusted partner for a business relationship that can last for decades, a client wants to ensure that a law firm is not only able to resolve current issues, but is also prepared to address issues that may arise in the future. Now is the time for small law firms to take their businesses to the next level by investing in a technology roadmap that allows them to offer a higher level of service to their clients. Companies will need to focus on how to deepen and expand relationships with their existing customer base while attracting new customers, perhaps from companies that have become complacent.

By investing in cutting-edge resources, law firms send a clear message that they are committed to meeting the needs of their clients today and tomorrow. Once client activity rebounded, law firms that made staff cuts were less prepared to serve clients and generate revenue in recovery as clients sought increasingly creative solutions to their own business pressures. Over the past 18 months, we have seen many small law firms expand their service offerings to add greater value, become experts in all new subject areas that go beyond their expertise, and adopt new technologies to bring things to light. The legal landscape is constantly changing and, to stay competitive, law firms must adopt new technologies.

When a law firm embraces cutting-edge technology, it sends the clear message that it is dedicated to managing current and future legal needs. Mabey says training can be more difficult from afar, so many companies should replace paralegals with legal technologists. Interestingly, one-third of law firms (37%) are applying advanced technology, such as automated documents, interactive websites, and artificial intelligence (AI) to the legal profession, and the most common new technology underway in law firms are online portals for interactive, status-of-affairs updates websites to generate legal documents and chatbots or virtual assistants. .