Interwoven: 6 Evolutions in the Practice of Law
We hear a lot about innovation in the business of law. But for most law firms, this still means innovation in the delivery of legal services. Little is written about how the practice of law is changing. RSGI’s conversations with thousands of private practice lawyers and GCs over the past three years have revealed significant changes in the practice of law: from digitising clients to non-legal fee-earners in law firms.
However, not all law firms are ready to make these changes. Only 19% of partners in major law firms feel confident they understand the digital economy and its implications for the practice of law. The Interwoven report sets out what clients need, the state of play in the profession and explains these six ways law firms need to evolve:
|Bringing the whole firm to clients||Moving away from single client relationship partners | Tapping non-partner talent to broaden and deepen client relationships | Delivering to clients joined up journeys and dynamic brand association | Co-creation and true partnering with clients.|
|Topic-based communities of expertise||How to facilitate the hive mind in law firms | Practice area lines are already blurring | The impact of industry sector convergence | As businesses transform, the challenges lawyers have to solve are multi-faceted | Risk requires a globally integrated response.|
|Data-enhanced knowledge||Data-enhanced knowledge is being used to: enhance deal skills; win litigation cases; deliver proactive legal advice; give competitive advantage to the firm; and institutionalise individual expertise.|
|A firm that delivers experiences||A new way of getting to know your client | Embedding a human-centred design approach | Facilitating continuous feedback and improvement | The importance of mapping the client’s journey from end-to-end and optimising all touch points | Tech and data provide transparency and personalisation.|
|Inclusive, fee-earning teams of knowledge professionals||Talking about knowledge professionals rather than lawyers | Moving to a flatter, non-hierarchical culture | Empowering non-legal fee earners with new career paths | Cognitive diversity and agile working are non-negotiable for law firms.|
|Collaborating with peers on client-led platforms||Clients want universal standards and approaches | The potential of big data in law needs collaboration to be fully realised | Harnessing a platform business model will be a key driver of economic growth for law firms | Global legal and business challenges require collective action | Your peer group has already changed: are you making the most of them?|
Law firms have already changed. We have seen developments that would have been unthinkable 5 years ago.
To book an Interwoven session or read the full 75 page report with in depth analysis of these evolutions and case study examples, please contact the team at: firstname.lastname@example.org
For more information about the report content and prices, click here.