find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Firms urged to redesign business model

Firms urged to redesign business model

Redesign

Law firms are being encouraged to re-evaluate core parts of their business model to capture new opportunities making their way into the legal market.

Speaking at a recent Legalwise seminar, Teddington Legal CEO and managing director Nicole Billett said sophisticated legal technology solutions are helping those revolutionary law firms achieve greater cost efficiencies and enhanced decision-making effectiveness required to satisfy clients’ demands.

“But to capitalise on these advantages, law practices – big and small alike – will have to rethink key components of their business models, including what services they offer, how they structure their fees, and which tasks they perform in-house versus outsourcing,” Ms Billett said.

Ms Billett noted that legal tech solutions can assist in combatting the changing business of law, which she said has become “more challenging due to more data to analyse, the demand by corporate clients for lower-cost, high-quality legal advice and more accountability from external law firms”.

“Although implementing such changes isn’t easy, law practices cannot afford to spare the effort and will need to be open to seeking expertise outside of their current talent pool to execute any potential technology change, cultural shift or product development,” she added.

In her presentation, Ms Billett also drew on a report by the Boston Consulting Group in conjunction with Bucerius Law School, How Legal Technology Will Change the Business of Law.

“The report indicated that the digitisation of legal data constitutes a megatrend that is transforming workflows and business models around the world,” said Ms Billett.

Findings from the research suggest that legal-technology solutions could perform as much as 30-50 per cent of tasks currently being carried out by junior lawyers.

The impact of this would have significant ripple effects all through the profession,” according to Ms Billett.

In conclusion, Ms Billett said those law firms that choose to ignore the benefits of technology face the risk of being sidelined by more forward-thinking rivals — not only firms in their own industry but also legal-tech vendors themselves.

“Law firms can no longer afford to ignore legal tech. In this changing legal-advice landscape, there will be winners and losers,” she said.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Firms urged to redesign business model
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...