Top 5 legal sector trends in 2019
Here we round up the key trends affecting the legal sector in 2019.
The legal sector is going through a period of change like never before. Legal firms operate in a world where technology change is rapid, and clients have increasingly high expectations. Here we round up the key trends affecting the legal sector in 2019.
1. Client experience
Today’s clients want a different experience. They want fees that are fixed, flat, blended or capped. Transparency on legal costs is more important to clients than ever and firms have been looking at their pricing models to reflect this. Whilst this turns traditional charging structures on their head, it can ultimately create an opportunity for firms to build loyalty and repeat business.
Innovation remains a key priority for firms looking to improve the client experience. Organisations are investing heavily in innovation programmes, using technology to enable more efficient communication, internal processes and collaboration across the sector.
AI and Machine Learning could change the way legal firms operate. By taking the reins on some repetitive tasks, these new technologies may soon drive efficiencies in the sector.
3. Virtual support and outsourcing
As technology continues to enable law firms to improve the client experience and innovate, it also allows the sector to cross geographical lines globally. Employees can now work remotely more easily and virtual teams are a key way to help foster a better work-life balance for employees, without affecting productivity.
Some legal processes can also be outsourced, which is greatly improving efficiency and allowing employees to focus and specialise in other areas.
Technology is changing the landscape of all industries. With the increased use of tech in the legal sector, and the high volumes of confidential and sensitive data firms hold on clients, it’s imperative that firms are investing in the latest cybersecurity initiatives.
High profile hacks of organisations such as the NHS has only increased scrutiny in this area. To remain reliable, legal firms will need to continue to develop cybersecurity detection and response tools into 2019 and beyond.
Whatever the outcome - deal or no deal, an extension of the Article 50 deadline, hard or soft Brexit - the impacts of Brexit on the legal sector are far reaching. The Law Society estimates that a hard Brexit or no deal Brexit will affect employment in the sector, reducing the number of full time equivalent jobs by 2025.
From a business perspective, this complex change in EU regulation will affect all facets of the UK legal system, from immigration to business and criminal law. Organisations will look to the sector for legal, regulatory and compliance-related advice to help them navigate these new waters.
Grayce supports all areas of change, from digital and IT transformation to regulatory change. Project Analysts are deployed nationwide helping law firms realise their change aims whilst using a trusted and proven partner that delivers quality.