Top 5 Legal Sector Trends 2019
The legal sector is going through a period of change like never before. The sector is operating in a world where technology change is rapid, and clients expect that the firms they work with are able to keep up with their demands and deliver. In this article we discuss what we believe are the five key legal sector trends in 2019.
Today’s clients want a different experience, they want fees that are fixed, flat, blended or capped. Transparency on how much their legal costs will be is more important to the client than ever and firms have been looking at their pricing models to reflect this. Whilst this turns traditional charging structures on their heads it can ultimately create an opportunity for firms to build loyalty and repeat business.
Innovation remains a key area of priority for firms looking to improve the client experience and offer new ways to deliver services. Organisations are investing heavily in innovation programmes, using technology to enable more efficient communications, internal processes and collaboration across the sector.
AI and Machine Learning could change the way legal firms operate, by taking the reins on some repetitive tasks, driving efficiencies in the sector.
Virtual support and outsourcing
So as technology continues to enable law firms to improve the client experience and innovate, it also allows the sector to cross the lines of geography globally. Employees can work remotely and so virtual teams are in play helping to foster a better worklife balance for employees, without affecting productivity.
Some legal processes can be outsourced which is greatly helping efficiencies and allowing employees to focus and specialise in other legal areas.
Technology is changing the landscape of all industries. With the increased use of tech in the legal sector and the volumes of highly confidential and sensitive data firms hold on clients it’s imperative that firms are investing in cybersecurity initiatives.
High profile hacks of organisations such as the NHS has only increased the scrutiny in this area. Legal firms will continue to develop cybersecurity detection and response tools in to 2019 and beyond.
Whatever the outcome, deal or no deal, an extension of the Article 50 deadline, hard or soft Brexit, the impacts on the legal sector are far reaching. The Law Society estimates that a hard Brexit or no deal Brexit will affect employment in the sector, in terms of number of full time equivalent jobs by 2025.
From a business perspective, this complex change in EU regulation will affect all facets of the UK legal system, from immigration to business and criminal law. Organisations will look to the sector for legal, regulatory and compliance related advice to help them navigate new waters.
Grayce supports all areas of change, from digital and IT transformation to regulatory change. Project Analysts are deployed nationwide helping law firms realise their change aims whilst using a trusted and proven partner that delivers quality. To find out more, contact us.