{"id":1099,"date":"2021-04-07T06:37:50","date_gmt":"2021-04-06T22:37:50","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.hk\/legal\/posts\/how-technology-will-direct-the-future-for-boutique-lawyers"},"modified":"2023-06-13T08:00:11","modified_gmt":"2023-06-13T00:00:11","slug":"how-technology-will-direct-the-future-for-boutique-lawyers","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.hk\/legal\/posts\/how-technology-will-direct-the-future-for-boutique-lawyers","title":{"rendered":"How Technology will Direct the Future for Boutique Lawyers"},"content":{"rendered":"\n<h4 class=\"wp-block-heading\">Lawyers may be accused of living in the past but&nbsp;across&nbsp;conference tables and networking sessions&nbsp;at the recent Lawyers Weekly Boutique Law Summit in Sydney, delegates were abuzz&nbsp;about&nbsp;how to take on the future.&nbsp;&nbsp;<\/h4>\n\n\n\n<p>However,&nbsp;for those who will succeed in this quest, it\u2019s an exclusive club.&nbsp;Those who deny or resist change, will be assigned&nbsp;to the past.&nbsp;In his powerful presentation&nbsp;\u201cLeading the charge:&nbsp;The future of law and legal services\u201d,&nbsp;Dominic&nbsp;Thurbon, Partner at Ernst &amp; Young,&nbsp;cited&nbsp;Kodak\u2019s denial and Sony\u2019s resistance&nbsp;to change&nbsp;as&nbsp;classic examples of&nbsp;what not to follow.&nbsp;The challenge,&nbsp;he implored,&nbsp;is to adapt&nbsp;to&nbsp;and&nbsp;leverage&nbsp;change,&nbsp;and ultimately direct your future.&nbsp;And lead the charge!&nbsp;<\/p>\n\n\n\n<p>But if your weapons are archaic, the future for that charge is in peril.&nbsp;\u201cIf you don&#8217;t embrace technology, then you will be left behind,\u201d warns Nancy Youssef,&nbsp;Founder, mentor and author&nbsp;from&nbsp;Classic Finance,&nbsp;and&nbsp;a panellist at the Summit.&nbsp;\u201cYou won&#8217;t be able to compete, and you will not be able to deliver on your value proposition.\u201d&nbsp;<\/p>\n\n\n\n<p>The bright news is that in the last six years, Australian firms have heeded that warning with investment in legal tech growing by 10.8% on average from the financial year of 2015 to 2020, a Peer Monitor figure highlighted by Thomson Reuters\u2019 James Jarvis, Vice President \u2013 Legal Solutions in his address \u201cDigital Legal Practice in 2021\u201d. This is coupled with an average increase in the demand for legal services of 4.8% over the same period, a shiny number when compared with the flat and, in some years, negative growth in the US.<\/p>\n\n\n\n<p>Quoting Thomson Reuters\u2019&nbsp;new Westlaw customer, Mark Wilson, Founder &amp; Partner&nbsp;of&nbsp;W Advisers, James&nbsp;captured the essence of&nbsp;how to succeed in this tough&nbsp;post-pandemic&nbsp;landscape, \u201cThe only businesses that survive\u202fand thrive are businesses committed to\u202finnovation.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Save time while you grow your business<\/h2>\n\n\n\n<p>So,\u00a0where to start?\u00a0For\u00a0many\u00a0boutique lawyers\u00a0the\u00a0concern\u00a0expressed at the Summit\u00a0was\u00a0how\u00a0to\u00a0rise to\u00a0the challenge of\u00a0innovation through\u00a0automation\u00a0without the\u00a0<a href=\"https:\/\/insight.thomsonreuters.com.hk\/legal\/posts\/the-future-for-lawyers\" target=\"_blank\" rel=\"noreferrer noopener\">resources of the big firms<\/a>.\u00a0\u00a0<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u201cIf&nbsp;you&nbsp;have a boutique law firm and you&#8217;ve got staff who are stretched, where is their time better spent? Is it on the work that technology can do for a subscription?\u201d&nbsp;<\/p><cite>&#8211; Nancy Youssef,&nbsp;Founder, mentor and author&nbsp;from&nbsp;Classic Finance,&nbsp;and&nbsp;a panellist at the Summit.&nbsp;<\/cite><\/blockquote>\n\n\n\n<p>\u201cOr is their time better spent on doing things that are actually growing their business and providing better customer outcomes?\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>But not everyone can afford to create their own technology platform or have the&nbsp;tech&nbsp;know-how&nbsp;to service it. They&#8217;re not software engineers&nbsp;they\u2019re lawyers, one delegate remarked.&nbsp;<\/p>\n\n\n\n<p>So&nbsp;Thomson Reuters\u2019 software engineers have built the new Westlaw&nbsp;for lawyers.&nbsp;All&nbsp;the primary law, cases and legislation&nbsp;are&nbsp;now&nbsp;in one&nbsp;place, making&nbsp;searches more than seven times&nbsp;faster.\u202f\u200bJames explains:&nbsp;\u201cThis means that&nbsp;for every 100 searches you run,&nbsp;you&nbsp;save&nbsp;one&nbsp;hour of time.\u201d&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Better advice&nbsp;with&nbsp;competitive&nbsp;edge&nbsp;<\/h2>\n\n\n\n<p>For&nbsp;Michael Solari, Director of&nbsp;boutique law firm&nbsp;Solari &amp; Stock&nbsp;in Sydney,&nbsp;using the&nbsp;<a href=\"https:\/\/legal.thomsonreuters.com.au\/products\/westlaw\/westlaw.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">new Westlaw<\/a>&nbsp;to&nbsp;research an issue for a client about tree roots damaging pipes, saved him at least an hour to an hour and a half.&nbsp;\u201cI can just type in my question in plain&nbsp;English&nbsp;and I get all of this material, including the most recent cases, commentary and references,\u201d he explained at the Summit.&nbsp;\u201cI had all of the information I wanted virtually instantaneously and then, after spending around 15 minutes reading the materials, I had the answers I needed. It was fantastic. I didn&#8217;t expect it to be that quick. And it is just so concise.\u201d&nbsp;<\/p>\n\n\n\n<p>Before adopting the new technology, Michael would&nbsp;go to various resources, search through materials from each source and read through numerous cases to find the most recent case on point.&nbsp;\u201cUsing the&nbsp;new&nbsp;Westlaw&nbsp;I had it all at my fingertips with one search enquiry.\u201d&nbsp;<\/p>\n\n\n\n<p>The&nbsp;time saved has meant his&nbsp;lawyers spend more time in dealing with the clients. \u201cThey\u2019re&nbsp;also able to give better advice and we can compete with bigger firms. We can market it that way, we can say we&#8217;ve got the most up-to-date research available to us.&nbsp;&nbsp;<\/p>\n\n\n\n<p>\u201cThe new Westlaw fills the gap we had,&nbsp;in that our library and research resources are also now electronic and accessible anywhere, even while our lawyers are seeing clients remotely, in barrister&#8217;s conferences or in Court. It has enabled our business to go to the next level in providing legal services and advice to our clients.\u201d&nbsp;<\/p>\n\n\n\n<p>\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026\u2026..&nbsp;<\/p>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.lawyersweekly.com.au\/boutique-law-summit\/\" target=\"_blank\" rel=\"noreferrer noopener\">Lawyers Weekly Boutique Law Summit<\/a>&nbsp;took place on Friday 26 March 2021 at the Four Seasons in Sydney with over\u202f100\u202fpeople attending in person and another\u202f150\u202fattending online.\u202fThere were two prize draws for the physical and virtual attendees to win a six-month subscription to the New Westlaw and Practical Law for up to five users.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Congratulations to our winners: Alicia Elliott from Holmes Donnelly &amp; Co from the physical event and HL Gan from FGL Lawyers from the virtual event!\u202f&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Across conference tables and networking sessions at the recent Lawyers Weekly Boutique Law Summit in Sydney, delegates were abuzz about how to take on the future.  <\/p>\n","protected":false},"author":139,"featured_media":1101,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7,645,602,647,610,752,625],"tags":[856,857,425,858,543],"insight_job_role":[572,667,628],"insight_practice_area":[],"class_list":["entry","author-virginiag","has-excerpt","post-1099","post","type-post","status-publish","format-standard","has-post-thumbnail","category-innovation","category-innovation-and-disruption-in-law","category-innovation-and-technology","category-legal-research","category-legislation-and-case-law","category-research-and-commentary","category-research-and-know-how","tag-boutique-lawyers","tag-legal-service","tag-practical-law","tag-technology","tag-westlaw","insight_job_role-barrister","insight_job_role-principal","insight_job_role-solicitor","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast 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Her articles have appeared in The Lawyer, Legal Week, Legal Business, The Guardian, The Sydney Morning Herald and Hello! magazine among many other publications. She was London correspondent for Time Inc\u2019s Who Weekly and Life magazine, and also feature writer at Australian Associated Press. Her book Polly Borland Australians was published by the National Portrait Gallery in London. Virginia has worked at Thomson Reuters as Commissioning Editor, Tax Writer, Marketing Content Specialist and is currently Content Manager. __PRESENT","url":"https:\/\/insight.thomsonreuters.com.hk\/legal\/contributors\/virginiag"}]}},"_links":{"self":[{"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/posts\/1099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/users\/139"}],"replies":[{"embeddable":true,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/comments?post=1099"}],"version-history":[{"count":0,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/posts\/1099\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/media\/1101"}],"wp:attachment":[{"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/media?parent=1099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/categories?post=1099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/tags?post=1099"},{"taxonomy":"insight_job_role","embeddable":true,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/insight_job_role?post=1099"},{"taxonomy":"insight_practice_area","embeddable":true,"href":"https:\/\/insight.thomsonreuters.com.hk\/legal\/wp-json\/wp\/v2\/insight_practice_area?post=1099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}