Clients are also reducing their reliance on a conventional panel of firms and buying in services from non-traditional providers in the marketplace, and in-house teams are making a resurgence. The market for the more transactional elements of law has been blown wide open, but there is still a place for industry and multi-jurisdictional expertise from firms.
Nevertheless, this new breed of legal services providers have left all but the most forward-thinking firms with a problem: how can we grow market share along with revenue and margin in this landscape?
Xerox printers can be turned into workplace assistants, thanks to a collection of apps designed for legal professionals, allowing fee earners to concentrate on valuable services. This question is attracting increased focus as the competitive environment is shifting. Business models are changing and technology is influencing the way services are even procured. There is plenty to grapple with for large and small firms alike, not to mention the true impact of Brexit revealing itself over time.
Technology is now enabling companies to assess and rethink their daily tasks, even as longer-term, market-driven strategies are prepared and enacted. These are areas where gains in efficiency can pave the way for margin growth, even if revenues struggle to grow.
Information and document management is one of these areas and is seen as the main task to be impacted by the application of new technology over the next five to ten years.
“From where we stand now, there is a great deal of buzz around artificial intelligence, natural language processing and blockchain solutions. These technologies, even in their infancy, are already being used in providing information and document management services for law firms,” explains Nick Marfleet, legal sector business development director at Xerox UK, a technology leader focused on the intersection of digital and physical.