Dr Marc K Peter explains how mid-sized law firms can use technology to succeed in a challenging marketplace
In today’s legal market, it is no longer enough for law firms to excel at providing legal advice to their clients. Consumers are getting smarter and, in response, law professionals have to increase the effectiveness of their client servicing, the quality of their legal information, and the business processes of their practice.
It is only by understanding the challenges facing the legal profession as we move towards the 2020s, that organisations supporting the industry can truly provide value and return on investment. In a series of interviews conducted in July this year, a number of partners of mid-sized law firms discussed the challenges and opportunities facing their business. During discussions, four core issues affecting law firms in today’s market were identified (see diagram below).
Attracting new business in a competitive marketplace
Finding and retaining new clients is a challenge for any business. However, since the legal industry was deregulated four years ago, lawyers have had to
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