5 Predictions for Law in 2018
The legal industry is looking at a challenging time ahead, with 2018 set to be another big year of change. Ever keen to stay ahead of the curve, this month we’re looking at some of the top predictions for the sector in 2018.
1. The Brexit impact: a lively merger market
Following Brexit, many firms will be looking to pursue international revenue streams and opportunities, as opposed to purely domestic ones. Leading consultants and headhunters predict that this impact will lead to an increase in law firm mergers in 2018.
2. Investing in technology
Businesses – including both law firms and clients alike – will seek to acquire innovative technologies in 2018. From chatbots and blockchain to smart contracts and augmented intelligence, there’s great scope for technology to reshape the legal industry amongst law firms and GCs, whilst helping them to perform complex work efficiently and productively.
3. The role of lawyers reimagined
The role of lawyers will continue to change in 2018 (and beyond). As routine work is increasingly automated, lawyers will focus on adding value through strategic advice and counsel. We’ll also see the emergence of whole new categories of legal jobs.
4. Alternative legal services
Alternative legal service businesses will continue to disrupt the legal market. Internally, firms will continue to look at outsourcing, project management and artificial intelligence to deliver to clients who are demanding more value from their legal spend.
5. Stagnant law firms will be at risk
Law firms that fail to adapt to the changing legal market will become increasingly vulnerable in 2018. Thomson Reuters’ recent annual report found that demand across all law firms experienced virtually zero growth last year, suggesting a stagnant market for high-end legal services.
This month, we’re thrilled to have been shortlisted for two awards: The Award for Legal Services Innovation at the LexisNexis Legal Awards 2018, and the Most Innovative Client Service Award at the The Managing Partners’ Forum’s Management Excellence Awards 2018.
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