Interwoven: How are Clients Changing?
In the two decades of RSGI’s research, one common theme has been the client-lawyer disconnect. In order for law firms to remain relevant, it is more important than ever that their own changes mirror those occurring within in-house legal departments.
The rise of digital has transformed business operations and changed what companies need from their legal teams. Only 19% of partners in major law firms feel confident they understand the digital economy and its implications for the practice of law.
We have identified five key changes in what businesses expect from their legal advisers.
| Multi-faceted | Business faces complex challenges that require cognitively diverse problem-solving teams | In-house legal teams are deploying agile, diverse 'communities of practice' to tackle topics that matter to the business | Digital adoption requires a broad range of experts, from engineers to data scientists. |
| Digital | Being digital is about more than using tech better | Digital transformation requires rethinking approaches to people, processes and the business's go-to-market strategy | In-house legal teams are appointing Chief Digital Officers | Executives want their in-house teams to improve their use of digital tools dramatically | Legal teams are moving from automation to strategic use of data integrated with the business at large. |
| Future-ready | During the pandemic the businesses that were able to respond quickly and continue to be profitable were those which had 'future proofed', which includes creating a clear purpose statement and building data-rich platforms | GCs are responding not just to changing businesses but changing and converging industries | GCs play a central role in making business-critical decisions, particularly in times of crisis | Employee activism and ESG issues are on the agenda of GCs. |
| Fast | This is not a new challenge but it has increased exponentially with the rise of digital | As consumers, we're used to near instant services, and businesses now expect this from lawyers | Data provides possibilities for real-time information sharing and project tracking. |
| Usable | The experience economy is not a new idea, but it has only recently made inroads in the legal profession | Consumers of legal services want to interact with a user-friendly interface | Contracts and other legal documents are being redesigned and standardised so they can be produced and interpreted without a lawyer's input. |
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: information@rsgi.co
For more information about the report content and prices, click here.