Changes in the Law Industry
The Changing Tide
The world is changing rapidly and this is also causing changes in the law industry. The way business is being carried out is changing with it. The law industry is not immune to this. While seen as quite a traditional industry, law firms are starting to slowly adapt to this new world.
A technological revolution has brought about the Digital Age. Every corner of the globe has seen huge changes in all aspects of life because of this. There’s no choice but for firms to keep up with this.
As it is for every business, if you don’t move with the times and adopt the digital transformation, you will eventually be left behind. It may not be this year, or the next but eventually you will not be able to compete as well as you have in the past.
This rapid transformation poses its own set of challenges for businesses and they are not to be ignored. Every aspect of how firms are being run are changing.
Some of the challenges include but are not limited to:
– Rising client expectations
– Greater competition from all corners of the globe
– Downward pressure on fees.
– Higher employee expectations on work/life balance
Of course there are upsides too that firms are experiencing. For example, the growth of digital channels has given you access to the entire world.
But, it also means you can be found. You can’t run away from a bad reputation anymore. Your work on every case and file can be put under the microscope like never before with the rise of social networks. You need to conduct yourself as though any aspect of your work could be seen by millions of people.
However, like with most industries, the barriers to starting your own firm are being lowered. If you are qualified, you can now start and run your own firm from your own home office. The infrastructure now lives online to help you before you grow.
This also means that new types of competitors are entering the industry. The popularity of legal service companies are growing as they are preferred by some demographics. Certain clientele would now rather particular services to be handled through an online portal.
The firms who are staying the course and keeping up with these new technologies are profiting and prospering like never before. For example;
-You can deliver legal help to people through new channels acrossthe planet.
– You can hire more diverse people with a broad range of skill sets.
– You have the potential to grow your firm like never before.
Remote work offers your staff more flexibility as it allows colleagues to be in two places at once. All of these bode well, if you choose to move with the times. Some of the other core opportunities for firm’s are:
– You can grow at scale a lot easier
– Compete for global business
– More flexible communication with colleagues
Along with this, our client’s needs and desires have evolved. The perception that excellent legal service only exists in the city corner office is now being challenged.
Today’s consumers care about responsiveness, friendliness, transparency and efficiency. The younger consumer also has an inherent distrust of corporate institutions after what happened in the last financial collapse. Firm’s have to evolve their brand image if they want to attract this younger clientele.
The firms who are adopting digital are seen as progressive. They attract the most interesting clients and get their pick of the top talent. So it is important firms take this very seriously.
If you are interested in a video on this topic, please see below.
This blog post is part of our Branding For Lawyers Series. Look out for our next post on it.