When it comes to ensuring the success of law firms, there are some external factors that even legal leaders cannot control. After all, the profession is nuanced and complex. Legislative changes and market trends can influence law firm performance just as much as internal capabilities.
The ongoing pandemic and its various effects on the industry shows how quickly conditions can change. But while layoffs and pay cuts have been rampant in countries such as the US, in the Asia-Pacific region, rates of demand for legal services have had some surprising developments.
Consider the data and commentary provided in the 2020 Australia: State of the Legal Market Report. According to Peer Monitor, in the fourth financial quarter of 2020 compared to the same period the year prior, legal service demand rose on average by 6.2%. This resulted in the country beating major markets such as the US and UK, where Peer Monitor market analysis recorded declining average figures.
Whether the spike in demand continues or not, legal leaders must remain strategic and play the long-term game. Here is what the Peer Monitor report had to say on this issue:
“Regardless of their success, however, Australian firms would be wise to use this time of relative stability to implement strategic changes and initiatives with business continuity in mind.”
– 2020 Australia: State of the Legal Market Report
We agree with this statement, and have detailed eight focus areas that law firm leaders and decision-makers may like to enhance through the use of platform technologies. From compliance management to client engagement, through partnering with Thomson Reuters, firms can utilise innovative tech to help bring their law firm’s performance to new heights.
If you enjoyed reading up on the three virtual experiences that law firm advisers can impress their clients with, our digital lookbook aims to take your strategic planning further. It offers eight key areas that Thomson Reuters’ solutions specialise in enhancing for its law firm clients.
