To ensure they meet client expectations, 67% of law firms said they are Investing in New Technology to Support Firm Operations and Client Work. Findings of the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers are available in this report, which also includes insights from legal industry leaders on COVID-19 and legal sector impact. Encouragingly, many answers centered around better service and more predictable fees for clients, more human technology, and overall, the rise of the client-centered law firm. So I think the more human our technology can become, the better.”, “Part of me wants to say consolidation, but it’s going to be the money flowing into the sector. The democratization of being able to tell computers how to think, 11. COVID-19 has cast a pall on everything- life has been upended around the globe. Then there’s the discovery stage, there’s trials, hearings, motions, and whatnot. Law is no exception--remote working, online learning, and a justice system realizing it is a process, not a place. The previous Future Ready Lawyer Survey conducted in 2019, found that Technology Leaders – those that fully leveraged technology – outperformed, across the board, those organisations that were not fully leveraging technology. Within the next three years, 81% of corporate legal departments said they will require law firms to describe how they are using technology to be more productive and efficient – nearly double the rate of 41% asking this today. But I think attorneys are hearing about that less as a risk and more of an opportunity to utilize the possibility of a streamlined—or a different tiers of—service to incorporate into their practice.”, “We know that clients like the conversation that helps solve their problem. Steady gains demand technology deployments that align with existing process frameworks to encourage meaningful, cultural change. Understand your clients’ strategies and the most pressing issues they are facing. 2020 Report on the State of the Legal Market: From Incremental Change to Revolutionary Innovation. While new solutions help streamline key processes such as document redaction, forms data capture, and document automation, they’re not enough in isolation. “Given the pressures created by the crisis, there will be a spotlight on legal professionals’ performance moving ahead, with the need to increase productivity while delivering the highest value and ROI to their customers,” said Martin O’Malley, Wolters Kluwer Legal & Regulatory Executive Vice President and Managing Director. Massimiliano Grimaldi vincitore aL TOP LEGAL INDUSTRY AWARDS 2020 – Categoria Trasporti.Massimiliano Grimaldi è stato nominato vincitore del Premio PROFESSIONISTA DELL’ANNO nella Categoria TRASPORTI nell’ambito del TOP LEGAL INDUSTRY AWARDS 2020, competizione organizzata da TOP LEGAL secondo criteri di selezione precisi e rigorosi atti a valutare l’impiego di … Last updated: May 12, 2020. The legal field, from family to corporate law, impacts us all in some way. I think that is going to really be a focus, because a lot of small businesses get frightened at the idea of an hourly charge. October 13-16, 2020. So the complaint will cost you $2,000, discovery will cost $4,000, and so on and so forth. Alessandro Giovannelli has been shortlisted for Food industry, Michele Mocarelli in Real Estate industry and Fabrizio Scaparro in Oil & Gas, Private Equity and Telecommunication industries. The continued relevance of artificial intelligence. The vast majority of our clients need light support and forms, so let’s figure out a way to automate that and get them access as efficiently as possible. Wolters Kluwer conducted an independent survey – the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers – to assess future readiness and resilience in the legal sector. Respondents said that the Difficulty of Change Management & Leadership Resistance to Change is the biggest barrier to implementing change for both corporate legal departments (65%) and law firms (53%). Technology has changed the legal field in a rapidly growing fashion over the past decade. I think the law firms who do that will see the best growth because the market is huge and ready for that.”, “But my belief longterm is it’s those lawyers and law firms that are ready to truly partner with technologists, operations gurus, legal tech consultants, and paralegals [that will succeed]. I think we can all get so lost in the tech aspect of things that we forget who’s supposed to be on the other side. I particularly like the user-friendly format, which I find highly efficient! But yeah, that’s going to be interesting.”, – Leslie Ginzel, Attorney at Law & Program Director, Beacon Law, “I think the trend really is just going to be the growing gap between what lawyers used to do being taken over by non-legal providers and the services that really demand a lawyer.” “And having lawyers recognize that that’s a market that’s developing, a market shift that means you can’t keep being the low-cost option. They don’t always think they can do it by themselves the whole way. 4 Major Trends That Are Already Changing the Legal Sphere in 2020 Technologically-driven innovation is poised to disrupt long-standing customs of the legal profession. Five additional states could pass legalization measures in November 2020, adding a further $3.3 billion in annual legal sales before 2025. 02 OCT 2020. Big Data and Predictive Analytics are the transfor­mational technologies that 67% of legal departments expect will have impact over the next three years, yet just 25% understand these technologies very well. As far as legal technology goes, I think the trend is people learning to blend in-person interactions with technology. You just have to change the clients and the information.”, “I think the future of that practice is going to change dramatically and it already is, right? Digital transformation has been making its way into the legal industry, but the trend toward broader technology adoption and integration has created a personnel plateau. The Technology Leader Edge Continues for the Future Ready Lawyer. The most impactful of our five legal industry trends to look out for in 2020 is the continued focus on digital transformation. TopLegal Industry Awards 2020 Anche quest’anno lo Studio è tra i finalisti alla V edizione dei Top Legal Industry Awards, che celebra le eccellenze tra gli industry legal team in termini di impiego di risorse a beneficio del cliente, innovazione dei servizi, conoscenza specifica del settore e soluzioni apportate. The disruption caused by the 2020 global pandemic will have far-reaching impact across the legal industry, accelerating the sector’s ongoing transformation. Questions? The Future Ready Lawyer Survey surfaced significant gaps between corporate legal departments’ expectations and law firms’ ability to deliver on them. Read our 10 essential tips to help your law firm profits grow. Lawyers predicted pressure from a series of trends expected to impact their organisations over the next three years and technology topped the list. Here are the fastest … With a focus on technology, the gap in knowledge and preparedness is most acute when it comes to transformational tech­nologies. I do think that it’s the ability to leverage technology that makes all the difference and it is enabling us to work differently and in ways that are better for the clients, better for the lawyers, and better for the world. [email protected] Sono online i vincitori della XIV edizione dei TopLegal Awards, premiati in diretta live streaming il 2 Dicembre 2020 e in rispetto delle normative COVID-19. 2020 is poised to see emerging trends become more commonplace in legal practice. 2020 has forced many of those who were opposed to migrating to the “cloud” along with more innovative and progressive approaches to running a business. Technology and Innovation Roadmap Launched to Support Legal Industry in Adoption of LegalTech. But now it’s more about blending that in-person and personalized interaction with tech is where things are going.”, “I don’t know if this applies, but I think a trend that I would like to see, and hopefully it’s coming, is just injecting more humanity into the tech that we use. The next generation search tool for finding the right lawyer for you. 02.87084122. FINALISTI - TopLegal Industry Awards FINALISTI 2020 La prima fase della valutazione delle candidature è terminata e di seguito pubblichiamo l’elenco dei finalisti. Happy to share that Giovannelli e Associati has been shortlisted for the Top Legal Industry Awards 2020 for Food, Biomedical and Luxury and Fashion industries. Encouragingly, many answers centered around better service and more predictable fees for clients, more human technology, and overall, the rise of the client-centered law firm. And so I think 2020 is going to be the year of the law firm as profitable business. The survey also found performance blockers, however, and revealed a number of gaps in understanding, expectations, experience and capabilities – within, as well as between, law firms and corporate legal departments – that inhibit top performance. Identify what your goals are and how you're going to achieve them. Our sales team is available Monday to Friday from, 300 - 4611 Canada Way, Burnaby, BC V5G 4X3, Understanding Government Stimulus Options During Covid-19, 1. The survey includes insights from 700 legal professionals across the U.S. and nine European countries and examines ongoing trends in the legal sector and how well-prepared organisations are to drive higher performance. The 2020 report contrasts two kinds of change taking place As new legal tech solutions and alternative work models continue to emerge, the legal market is becoming increasingly competitive and is constantly evolving. As a result, law firms will loosen the purse strings to get the right team in to get things right first time, saving a lot of expense and frustration in the long run. Have questions? It is also true, however, that many professionals were already on this path of transformation, with different players moving at different paces. The global legal services markets will be over 5.7 billion and are expected to continue to see growth in the future. We published this blog post in January 2020. You can’t adapt and survive with that as your sole differentiator.”, – John Strohmeyer, Attorney & Owner at Strohmeyer Law, PLLC. Our sales team is available Monday to Friday from 8 a.m. to 8 p.m. EST. Findings of the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers are available in this report. Previous “alternatives” such as alternative fee arrangements & ALSPs are now “the norm”, says new report from Georgetown Law and Thomson Reuters Legal … Save this blog article as a PDF Read on for the top legal industry trends to follow in 2020. “At the Clio Cloud Conference specifically, I have noticed a theme of storytelling throughout all the presentations I’ve seen. We also share how to create an effective non-engagement letter. Looking at trends specific to corporate legal departments, respondents said that their top priorities over the next three years will be to: Reduce / Control Outside Legal Costs; Improve Legal Operations and Legal Project Management; and Provide Strategic Value to Their Company. Let me say, lawyers aggregating their bills will be the biggest trend of 2020. Get this free e-book from legal industry expert Mike Whelan, Jr. Find out why virtual legal assistants can be a great option for you—and how to work with them. Fewer than one-third of respondents reported they were very prepared to address any of them. Modern Legal Industry Standards SALI is a not-for-profit organization comprised of legal industry professionals from legal operations, law firms and solution providers with the goal of developing open, practical industry standards for efficient and innovative legal services. In fact, the Increasing Importance of Legal Technology is the top trend for 76% of respondents across Europe and the U.S., and across law firms, corporate legal departments and business services firms. Before the crisis, the legal sector was already undergoing transformation driven by economic, demographic, regulatory, technology and competitive demands. She's a frequent guest editor of the Clio Blog, and has written for publications such as GP Solo, Legal Technology Today, and Above the Law. Automating to increase access to legal services, 8. For lawyers, the holidays are the perfect opportunity to savor the intoxicating beverage of success while toasting clients and colleagues. The rise of storytelling and blended interactions, 5. The year of the law firm as a profitable business, 10. As one pointed out, it’s likely easier to predict trends 20 years from now than a year from now, but we received some interesting answers nonetheless. For example, 79% of corporate lawyers said it is important that the law firms they work with Demonstrate Efficiency and Productivity, while only 28% said it describes their current firm very well. Ben Allgrove, Baker McKenzie partner and Global Head of R&D commented: "As the first global law firm, innovation has always been an integral part of Baker McKenzie's DNA. We published this blog post in January 2020. Factors that influence the return on investment of legal technology, Evaluating your legal department’s digital maturity, Making the Business Case for Contract Management Software, The 5 most common legal risks that can impact your business, Why the general counsel should care about regulatory compliance software, Increasing Importance of Legal Technology – 76%, Meeting Changing Client / Leadership Expectations – 74%, Emphasis on Improved Efficiency / Productivity – 73%, Ability to Acquire and Retain Talent – 73%, Coping with Increased Volume and Complexity of Information – 72%. What does the future hold for the legal industry? Those forces will continue to drive change in the industry, with their impact now amplified by the COVID-19 crisis. Bill Josten January 6, 2020. I vincitori saranno dichiarati e celebrati il prossimo 18 Giugno a Milano in una inedita edizione digitale. The disruption caused by the 2020 global pandemic will have far-reaching impact across the legal industry, accelerating the sector’s ongoing transformation. Instantly download this blog article as a PDF You'll also receive useful weekly updates by email. In terms of technology with the biggest impact in the next three years, 59% cite Artificial Intelligence, yet just 22% understand it very well. And that might just be as simple as document automation, but it can be a lot more.”, – David Colarusso, Practitioner in Residence & Director, Suffolk University Law School’s Legal Innovation and Technology Lab, “I am really very interested in AI. Transformation is underway across the law firm landscape, as firms increasingly face competition from alternative legal service providers and even clients themselves. Mar 08, 2021 1:10 PM ET. Among firms, 62% of Technology Leaders reported that their profitability increased over the prior year, compared to 39% of Transitioning firms. And that’s something I would like to watch for. Hear how the legal industry is adapting to the COVID-19 crisis. Digital innovations are transforming the industry, and there are notable trends that are emerging. With a focus on the attributes that drive performance in legal organisations, the survey found that legal professionals see technology as the top performance driver and critical to improved relationships, performance and productivity. They have such a headstart on AI, even though they’re not necessarily practicing law, that my prediction is that the law firms who aren’t into the innovation world now, will be buying innovation from the big four even if the big four aren’t allowed to actually practice law here in the US.”, “I mentioned I’m actually working on ethics changes, and so I believe in 2020 it will be about designing better services for clients. Find out which Clio events and CLE webinars are coming up next. January 6, 2020. When asked to identify the biggest changes ahead for them, 82% said they expect the Greater Use of Technology to Improve Productivity. Become your target audience’s go-to resource for today’s hottest topics. In 2020, those findings were confirmed. And whether that be, you know, through Clio Grow, or through some of the dashboarding in Clio, or just going through their own billing systems, I think 2020 will be a year where really for the first time it’s easy for law firms to understand their businesses as businesses, in ways they haven’t been able to before. 2020 Legal services industry pulse check | Introduction 3 Introduction The evolution continues According to Thomson Reuters, the market grew 7.8% in the 2018 financial year, while our 2020 pulse check shows that three in four firms lifted revenues in the 2019 financial year, fuelled in part by a number of government enquiries, Power up your legal research with modern workflow tools, AI conceptual search and premium content sets that leverage Lexology's archive of 900,000+ articles contributed by the world's leading law firms. © 2008 - 2021 Themis Solutions Inc. (Clio) |. The crisis has shown that legal technology solutions, which enable work at anytime from anywhere, are essential to business continuity today. Introducing PRO ComplianceThe essential resource for in-house professionals. Nel 2020 la Commissione Tecnica è stata composta da 75 figure apicali provenienti dalle maggiori direzioni legali, fiscali e finanziarie in Italia. The legal industry has been notorious for being a more traditional, server-based style. I think a lot of people, when tech was newer, thought it was all tech or nothing. We are the original legal industry disruptors and throughout our history this legacy has enabled us to thrive. Whether that money means that people are being bought and combined or if it means new entrants are coming into the market, that feels like the next year for me.”, “The bigger trend is the expansion of the big four accounting firms into the space. Topics: Billing & Pricing, Client Relations, Data Analytics, Efficiency, Law Firm Profitability, Law Firms, Leadership, Legal Innovation, Legal Managed Services, Litigation, Midsize Law Firms Blog Posts, Peer Monitor, Practice Engineering, Practice Groups, … In a litigation, there’s a complaint stage, let’s say. Consider document automation. Loading ... 02 Oct 2020 Posted in Press releases. These legal professionals will be legal knowledge engineers, legal risk managers, system development, experts in design thinking, and more. I think there’s going to be a lot of attorneys, not next year, but in maybe five years whose jobs are going to completely change, and I think attorneys are generally not tech savvy and don’t follow change—or don’t really welcome change. They all want caps, because they don’t know what you’re doing and you can run away with your bill and hit them with a $100,000 bill. While the industry has previously fallen victim to high-profile cyberattacks and data breaches, cyberattacks in 2020 were particularly crippling … From digital records maintenance to information extraction using automation, the modern legal profession practices will be revolutionized over this decade. The world’s best legal conference—gone virtual. She’s also interviewed dozens of practicing lawyers and leading legal industry thinkers, including Preet Bharara and Bryan Stevenson. Keep a step ahead of your key competitors and benchmark against them. It doesn’t necessarily mean you have to be the high-cost option, but there’s less and less benefit to be provided on those kinds of simple and straightforward things provided by a lawyer. We forget that tech is really just supposed to facilitate our communication and connection with the people on the other end. According to the survey, corporate legal departments experienced growth in demand for legal services and continued to focus on various means to control costs. The top trends expected to have the most impact are: Looking across all trends, however, there is a significant gap between trends and readiness to address them. Boosting law firm profitability has never been more important. ", © Copyright 2006 - 2021 Law Business Research. What they’d say is, they’d say it’s “no coding.’ But the democratization of being able to tell computers how to think, I think, is going to continue to grow. They’re already using AI for the financial documents that were born out of the last financial crisis with banking, and they’ve applied AI to read those contracts that all the banks had to agree to, and now to keep track of how those contracts are being implemented. Legal marijuana sales are projected to reach $22 billion by 2022. It’s really a great time to be a lawyer. Need more help around your law office but not ready to add a full-time in-house staff member? So I think it’s safe to say that most of the predictions are going to overestimate.”, “So I really do like this advent of tools like Community Lawyer that are democratizing access to coding, even though they might not say it that way. For the first time, law firms will really look at what they’re charging their clients, and how they’re charging their clients. United Kingdom Legal Services Industry Report, 2020 - Market Revenue Reaches £37Bn in 2019 and Annual Growth of Almost 5% Forecast for the Next Two Years In fact, while the Increasing Importance of Legal Technology was the top trend at 76%, only 28% of respondents said they were very prepared for it.