THOMSON REUTERS ELITE

Q4 2015 EDITION

Forefront
 

Leading in the Age of Disruption

As legal practitioners, especially those in mid to large firms, we are aware that we work in a constantly changing business environment with disruptive concepts and new technologies launching into our sector every day.

The market for legal searching is certainly changing at a rapid pace. I predict that in three years no legal firm will use a standalone searching system. I believe everyone will use a fully integrated search tool to ensure they maximize efficiencies across their firm.

As a market disruptor ourselves, we are very proud of the time, passion, and energy we invest in making the legal search world better for both our clients and your clients, and we are constantly thinking about ”the next big thing”.

However, while we are very proud of the disruptive tools we have launched in the Australian and UK legal markets, we recognize that change doesn’t always come easily within firms, particularly if firms are resistant to using new ways of doing things. This also applies to mid to large firms where the introduction of new working methods often involves many resources, from IT investment through to training.

“If it’s not broke, why fix it” is a refrain we hear from the upper echelons of our companies. But the way we practice law and the business of law is set to continue to change for the foreseeable future. To lead, companies need to continue to adapt and change with it.

When it comes to being an early adopter of IT innovation, there are the following two types of law firms:

The Smaller Firm Who Has Limited Resources

For them, distraction is something they want to avoid at all costs so that they can purely focus on practicing law. They are typically investing heavily in practice management systems that are either an out-of-the-box style solution with everything you need all in the one system, or a base platform through which integration is available into a number of disparate systems, such as document management, disbursement tracking, and searching, to name a few.

If you have chosen a fully featured out-of-the-box solution, the thinking has all been done for you, and it is understandable that you want to only use those features within it. Everything is assessed at the time of purchase with all the hard work ticked off for you. Needless to say, these solutions are traditionally targeted at smaller law firms.

The Mid to Large Firm of More than 25 Fee Earners

For them, practicing across various areas of law means they need to be able to tailor their services and solutions to the client as required. A firm of this size wants to invest in customizable systems that integrate with existing software.

Furthermore, they shouldn’t need to disregard their own systems as new products enter the market. It is indeed possible to have a system that can be flexible enough to accept and integrate new products without any trouble for the IT team or the end users.

In a market constantly changing and innovating, it’s important that firms constantly assess their own processes and practices.

So how can you aim for and retain prime position in an ever shifting market? If you are a mid- to large-sized firm, the following attributes are ones that should be upheld to ensure a successful workflow that brings your firm substantial operational efficiencies.

Be Agile

In the same way we attend CPD days to grow and extend our current sector knowledge and practices, we too need to invest and develop in systems that can be extended and modified easily and grow with us to ensure that we stay ahead of our competitors. I would go as far as to suggest the only system to have in these times of constant disruption and evolution is an agile system that can be extended and modified at your convenience.

Be Agnostic

Every day, products and services are launching via a variety of different software platforms and providers. By not locking your company into a rigid system, you can realize significant cost and performance benefits of having a wide choice of products and services available to you.

Be Aware

Never stop looking for the things that will make the day better for your end user. Just because you have invested in a system doesn’t mean there are not great add-ons that can make a real difference. Stay tapped into market and IT sector forums, media, and information portals to be aware of what’s launching into the market.

Be Interested

Do you know all of the pain points your users have? Is there a communications channel where they can suggest ideas that would help their working day?

Be Seamless

Is there a way to update or add to your system without affecting your end users and interfering with their daily work? Look for products and services that are easily integrated into your existing system or for providers that can make that happen.
 

Info Track

InfoTrack is a market leading information broker providing a superior fast and easy solution for all your Property, Corporate, Personal searching and affiliated services. Our search capabilities support customer productivity, profitably and growth. We have over 5,700 clients who range from the Legal and Conveyancing to Banking and Finance industries. We also service other professions such as Surveyors, Mercantile Agents, Accountants and Government departments. Start searching with InfoTrack today. Click here for more information.

Return to Forefront main page »
 

elite.com
Thomson Reuters Elite Headquarters
800 Corporate Pointe, Suite 150, Culver City, CA 90230
© 2015 Thomson Reuters
 
Thomson Reuters