Nowadays working in a closed environment, between four walls, is no longer possible. Legal customers are increasingly global. They are demanding a high level of engagement from their law firm and the complexity of their requests is growing. New players such as Alternative Business Structures are challenging existing business models with “no win no fee” or “fixed price” and lower margins thus impacting significantly the revenue for existing law firms.
To stay competitive, the legal market is consolidating into major law firms that tend to specialise so that they can limit the competition. But merging with or acquiring a new firm is not just a financial operation. It is important to on-board lawyers as well, to align them with the culture and strategy of the company, and to integrate and share the expertise and knowledge.
Therefore success relies on the ability to work with various different skills and cultures as well as building upon collective knowledge in order to deliver faster and better. To achieve this, attracting the right skills, training people to be always on top of their specialty and to manage and retain them is key. Moreover, sharing the best practices, knowledge and automation of basic tasks greatly improves the profitability of the company.
Another big step in the legal market is the Customer Relationship Management. Law firms are increasing their investment in marketing tools and methodologies from the enterprise market to better serve their customers: Self-care portal / Extranet, CRM, communities, 24/7 services and automation with Blockchain, analytics and chatbot.
The legal market is enjoying an exciting digital transformation. Partnering with the right company will help you to achieve it.