Given the idea that the COVID-19 pandemic has taken to lead the legal industry into a phase of transformation and innovation, Legal IT Landscapes explores what law firms will face in the coming years and what technology they will use to remain productive, profitable and efficient. Law.com information sessions will keep you ahead of the trends shaking up the legal industry with critical analysis on a range of legal issues – from renewed pressure on law firms to innovations in legal education, class actions, intellectual property, compliance updates and more. Christine Charnosky explores the transformation of legal education, shines a light on innovation, and separates facts from Flash, while law schools prepare their students for a rapidly changing industry. The « alternative » part of these ALSP or New Law business models, both speakers agreed, should not be considered an alternative in 2021. With flexible working and rapid digitalization imposed on businesses in many ways by the pandemic, which has given a huge boost to change initiatives, both concluded that companies need to harness enthusiasm for technology and find new ways to provide legal services to withstand competition – whether they are the usual suspects or the « alternatives ». Do law firms see competition in the wrong places? Are legal leaders right to continue to view « companies like mine » as their biggest source of competition? Finally, it`s the most popular area of technology of all: cybersecurity, and this year it won`t be swept under the rug. It has risen in our Competitiveness vs Efficiency chart (p8) and increases slightly when mentioned as an area at the top of the minds of SME legal leaders. Interestingly, it has improved further from an efficiency perspective – perhaps because the recently discovered focus on remote work and virtual processes has led SME legal leaders to find ways to improve the efficiency of cybersecurity practice. The constant threat of competition is not a decline either in the legal market or outside the legal market. While the work remains in-house and alternative legal service providers pose a threat, the risk is less serious than the immediate threat from another law firm.
Based on Frontiers 2020 Legal`s recent IT landscapes, « other businesses like mine » are perceived as a threat to 29% of organizations, and 17% felt the threat came from larger companies than their own. By the way, domestic competition is considered a threat for only 12% of companies, and alternative legal providers such as legal technology lawyers and contract lawyers account for only 8%. Once again, Briefing Frontiers Legal`s IT landscape clearly shows and evaluates all the data, with feedback from a number of research participants and insights from our partners CTS, Intapp, LexisNexis, Mitie, Netdocuments, Pulsant and Thomson Reuters. Amanda Bronstad is obsessed with class actions and mass crimes, keeping you up to date with the news that matters – big wins, new legal strategies, appellate fights and who gets the job. Whether it`s attracting the right people, funding initiatives, or choosing the right technology to support the cause, competitive pressures in today`s legal landscape are forcing companies to look inward and innovate in the way they work to attract and retain customers. For the majority of companies, the customer is the catalyst for change and the central axis of innovation. As with most things, the devil is in the details and as the mobilization takes off, the strategy that wins in the market remains to be determined. We encourage you to further explore these trends and take a closer look at the legal IT landscapes of Briefing Frontiers 2020 to learn more. In the age of the client, competition between competitors is fierce, as clients try to find the best balance between value and quality, and companies try to provide exceptional but differentiated legal services.
The type of work of the customer certainly plays a role in its innovative character, as more standardized work puts pressure on companies to automate and increase their efficiency. On the other hand, more complex work pushes companies to be more strategic and innovative in the way they endow and serve the customer. Regardless of the type of work, the bottom line is that companies are asked to stretch to accommodate the customer, to win the job – or in some cases even to take over. Not ready for a subscription yet? Start a 3-week free trial to Law.com and get the briefings by selecting topics relevant to you and your business. Its trial version also offers premium access to a network of more than 18 U.S. legal websites, including The American Lawyer, The National Law Journal, and the New York Law Journal. From the « sustainability » of hybrid work to accelerating market consolidation to the need for cloud-based systems, Legal IT Landscapes shows how the legal industry will use technology to transform and navigate this period of unpredictability. Greg Andrews connects the internal community with a weekly overview of what you need to know and the people you need to know to survive and thrive in the modern legal department. Welcome back to LPM Legal IT Landscapes! A lot of interesting results this year, but also more of the same as SME law firms are pushing big and small technology projects.
The process is king in this year`s LPM Legal IT Landscapes (LITL) report, as SMB legal advisors learn how to manage a remote workforce, implement critical cloud infrastructure and technology, and make other significant efforts to modernize their practices. Cheryl Miller unravels compliance issues surrounding marijuana legalization, follows regulatory developments at the federal and federal levels, and provides the information lawyers need to advise clients in this emerging industry. If you like sound, don`t miss our annual Frontiers Briefing 2021: Legal IT landscapes event on Thursday, February 25, 2021. Click here to learn more and reserve your free space. Briefing Frontiers Legal IT Landscapes is back to measure how the first year of a global pandemic has changed law firms` attitudes towards different types of technologies, their spending plans and project priorities. Find out how this year`s results compare to previous years and find out where SME law firms stand in terms of technology and investment strategy.