Login
How clients perceive innovation in law firms
New research has highlighted the perception of clients when it comes to innovation occurring in law firms.
Emma Musgrave
According to the NAB Australian Legal Services Industry Survey, one third of respondents feel as though their firm isn’t being innovative enough.
When it comes to what clients see as innovative from their firms, 17 per cent cited ‘solutions expertise’, with up-to-date advice, commercial advice, creative ideas, diversified service offerings and risk sharing strategies all highlighted under this banner.
Meanwhile, 15 per cent of respondents cited the technology they adopt, with document handling technology, AI, ICT, and other data measurement tools highlighted.
“According to the study results, law firms believe they are ‘change ready’ for emerging and potential disruptions both in new technology and new competitors,” Mr Beaton said.
“They are unconcerned about the mandatory introduction of electronic conveyancing, deeming themselves ‘very well-prepared’, and they are similarly upbeat about their preparedness for online courts and online dispute resolution.
“Yet their attitude towards digital disruption is rather surprising when, according to NAB research, businesses in all other sectors of the economy see themselves as being much more vulnerable to digital disruption.”
Commenting further, Dean Pearon, NAB head of behavioural and industry economics said: “Across most industry sectors, businesses are not only aware of digital disruption, they believe their business models are vulnerable to it. This is in stark contrast to our findings in the legal services survey.”
“Whether the legal profession is more advanced when compared to other industries, or collectively underestimates its vulnerability, only time will tell.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
Email Emma on:
