Companies worldwide are adapting to today’s digital economy and technological advances. So-called ‘disruptive technologies’ are transforming markets worldwide and pushing economies forward. Technology is taking over the business world, and the legal profession is not insulated from its effects. Recent changes within legal services are prompting increasing costs pressure from clients, and technology is proving an invaluable tool in resolving this.
With experts saying the traditional law firm alliance model is going bust, new specialised and strategic options are emerging in the market. Clients are questioning the value of alliances, and so taking an ‘offensive’ approach and having an integrated strategy are key if they are to remain a viable model
The world has changed dramatically, and the traditional way that legal services have been provided is not appropriate for today’s market. The business environment that clients operate in is markedly different from recent years, even months. We are well and truly living the ‘new normal’ and while law firms have adjusted, this is no time to sit back and relax ─ their evolution is, and must continue to be, ongoing.
Clients have more choice in service providers than ever before, and the market is filled with high quality, highly skilled law firms. So in a world where all law firms basically offer similar services, how do you differentiate yourself from the competition?
While law firms are still very much focused on only offering the traditional career path to partnership, Generation Y’s associates aren’t getting what they want. They see their future in terms of building life skills and a career portfolio, and not necessarily becoming a partner. If the career model doesn’t adapt, therefore, law firms could find themselves running low on talent, and future leaders of the firm.