Against a backdrop of greater competition and growing economic uncertainty law firms, today are realizing the need to exceed client expectations if they want to remain competitive. Best practices in law firms can be reached by improving a number of areas;
Added value services
Having a deep understanding of what it takes to run a client’s business as well as being commercial are crucial. Law firms have always struggled with the practicalities of providing added value services due to time constraints. This reason, however, is becoming less valid due to technology. Law firms are expected to invest in legal technology so that lawyers can focus on providing added value advice instead of routine legal work – optimizing time to provide commercial reasoning behind a novel legal opinion instead of time spent on a first draft of a document.
Effectiveness and efficiency
The priority is to expedite and streamline legal work. Clients are certainly demanding faster turnaround times, so they can react quickly to tighter internal deadlines and increase their deal velocity. For example, automated processes give clients more time to engage with their clients.
Legal technology is key
It’s clear that technology has a significant impact on how clients evaluate and select their legal advisors. In the future, technology is most likely to have a significant impact on how lawyers work, how they provide legal services, and the way in which the legal and justice system operates as a whole. The need for more investment in technology from law firms is evident. Paying lip service to innovation is no longer enough.
Frequent communication and regular progress updates
Trust-based relationships require transparency to be successful. Responsiveness differentiates a firm from competitors and allows for a positive client experience. Consistent All companies place a high value on the above as well as market experience.