Embrace (and Even Seek) Change to Stay Afloat
It has been said that change is the only constant in the world. Nagging realities in the legal marketplace continue to place pressure on law firms, of all sizes, to confront the demand for inevitable changes.
The days of straight billable hours and traditional client-attorney relationships may be slipping away. A few of the pressures law firms are telling us they feel from clients and the marketplace include having state-of-the-art technologies, increasing the use of contract lawyers, corporate legal departments creating their own metrics to codify the cost of performing legal tasks, AI, knowledge management, more specific and customized delivery of legal services, and providing more staffing options. An increasing number of firms are incorporating big data analytics to efficiently reduce risks, cost and time needed to complete matters.