Interesting article on the impact of the slower economy and the pressure it will place on GCs to cut spending and operate more efficiently.
BusiessDay publish a piece on the top five strategies that law firm owners need to consider to boost their development in 2023. Client focus and marketing are in therefore, more importantly the article covers the importance of investing in legal technology and how it helps firms increase efficiency and accuracy.
3. LegalTech Products – What to watch out for when selecting a product?
The Law Society Gazette covers a piece on what to be aware of when choosing a LegalTech product. Whilst the article covers some important points in its list, we would like to add that the commercials of a product licensing model are important, as well as the vendor’s track record of managing change, customisations and their turnaround time. We’ve seen firms waiting 6-12 months to have simple fields added to reports in some cases.
4. LegalTech Layoffs?
it is no surprise that in a difficult macro environment rumours of cutbacks across legal tech companies have sprouted up sporadically around social media and in tech circles. Is it a domino effect of the wave of BigTech cutbacks? It is an area to keep an eye on and we’ll keep you posted of any developments.
5. Cyber Risk
A US focussed article on the Cyberattacks landscape for Law Firms. The article highlights the need for comprehensive incident response plans. In the UK 2022 was a year of huge improvement with Law firms tackling these successfully, with the SRA revealing client losses fell to £700,000 in the first 10 months of 2022. When compared to £10m in 2017, and the trend of this dropping annually from 2017 continues. This compares to £10m in 2017, a figure that has dropped every year since, apart from a small increase last year to £2.3m, around half of which was due to a single conveyancing transaction.