find the latest legal job
Senior Associate - Competition, Policy & Regulatory
Category: Other | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Work with a well regarded Partner · Sydney CBD
View details
Commercial Litigation Senior Associate
Category: Litigation and Dispute Resolution | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Lawyers Weekly Australia Partner of the Year 2016, Insolvency
View details
MULTIPLEX Regional Legal Counsel (Vic) | 7 to 10 years + PQE
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Career defining in-house role · Tier One international contractor
View details
Junior Lawyer - Personal Injury Law
Category: Personal Injury Law | Location: Parramatta & Western Suburbs Sydney NSW
· Highly specialized practice · Challenging role with great opportunities
View details
IR Advisor/Member Advocate
Category: Industrial Relations and Employment Law | Location: St Leonards NSW 2065
· Permanent (0.8-1.0 FTE) role in a developing team
View details
Tradition is holding firms back from innovation

Tradition is holding firms back from innovation

The legal profession's conservative roots are holding it back when it comes to embracing innovation, according to a new report.

The Innovation Inertia: 2015 LexisNexis Roadshow Report (Report) combines the findings from the 2015 LexisNexis Australian Legal Industry Innovation Survey (Survey) and 2015 Innovation Panel Series (Panel) to reveal that firms struggling to adopt innovative practices are at risk of falling by the wayside.

While the survey found that 96 per cent of private practice lawyers rated innovation as important to very important to the success of their firm, many of them flagged various barriers to the firm embracing innovation.

The biggest barrier respondents flagged to their firm embracing innovation was the firm’s culture, mindset or conservatism (29 per cent).

A lack of resources or budget issues is also holding firms back (22 per cent), as well as the organisational structure (16 per cent).

The survey found that law firms tend to see innovation as synonymous with technology, with 80 per cent of respondents saying the most innovative resource they use to perform their job is technology-based.

However, the report highlighted that innovation does go beyond technology and firms need to embrace innovative practices that will help them transform to tomorrow’s market and respond to client demands.

LexisNexis Australia general manager Joanne Beckett said the need to be an ‘ambidextrous’ firm is creating its own set of challenges.

“Being ready to adapt to tomorrow’s disruption while exploiting today’s efficiencies, can result in an imbalance between strategic and operation modes that can make it difficult to progress innovation initiatives,” Ms Beckett said.

The battle between clients’ demands for budget certainty and law firms’ fear of lost profit from wrongly estimated fixed fee arrangements requires innovative communication and transparency between clients and lawyers, or else clients will simply go elsewhere, the report stated.

While revenue was the main measurement for return on investment for innovation (26 per cent), client satisfaction was close behind (24 per cent).

“Improving the client experience means challenging traditional practices, business and fee models and putting the client above all else,” Ms Beckett 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

Tradition is holding firms back from innovation
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Silk picked to monitor national security laws
Dr James Renwick SC has been appointed as Independent National Security Legislation Monitor after se...
Two businessman, growth
Sep 19 2017
Aus catching up on international arbitration front
Australia is starting to see a spike in international arbitration with this set to continue over the...
Sep 19 2017
Manson family killer suffered ‘miscarriage of justice’: former lawyer
A retired Australian barrister has published a book on the Manson Family murders of 1969 and called ...
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'...
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...
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 & ...