The legal industry is at an inflection point—that point in time where the OLD strategic picture dissolves and gives way to the NEW. . . and your business either grows or shrinks. Law firms poised for the greatest success are those that are adjusting to the new reality: technology-driven processes that leverage common patterns in law practice will drive more value to the firm than billable hours.
Law firms today face a conundrum: technology is critical to driving revenue and managing risk yet adoption of electronic files and automated processes across most law firms is low or shallow. That’s because the systems most law firms use today were designed for very different problems than the ones we face today, including the explosive growth of information, growing use of electronic devices, governance and privacy issues, downward pricing pressures, and alternative fee arrangements to name a few. These are all very real problems and they are solvable with next-generation Web 2.0 solutions.
The potential of web-based solutions will be most valued by the legal industry for their ability to address downward pricing pressures and alternative fee arrangements without sacrificing revenues or decreasing operating margins. The productivity powered by streamlined, technology-enabled processes will literally transform how lawyers and legal project teams work—reducing litigation, information management, and e-discovery costs across the board. They will also, critically, enable a renewed drive for profitable growth through accelerated, innovative product and service delivery.