Login
Tech gaps in mid-tiers exposed by COVID-19
Mid-sized law firms are struggling to close technology gaps which have been highlighted by the onset of COVID-19, according to a new report.
Tony Zhang
An expansive survey of mid-size law firms by Legal Practice Management Systems (PMS) provider PracticeEvolve found that, post-COVID-19, the top priority for firms in Australia will be to improve efficiencies in the delivery of legal services.
The survey also found that most law firms working remotely rated the experience from good to excellent, though issues did emerge including how to better manage work and document flow, how legal services could be better structured and delivered, and how best to re-evaluate the client experience.
“The survey suggests that those committed to building on the gains achieved in remote and flexible working conditions following COVID-19 will need to invest in sophisticated and intuitive technology and collaboration tools,” PracticeEvolve said.
“They will also need to up the ante on training and development and imbed a new mindset that working remotely or flexibly will positively impact profitability and morale.”
Responses on productivity were mixed, according to the survey. Nearly 47 per cent reported no difference, over 24 per cent reported increased productivity while just 16 per cent reported decreased productivity.
“The legal profession is being propelled into a digital age where technology, collaboration tools, and people will reshape the legal landscape. Firms have commented on the need to invest in technologies to help cultivate a compelling culture, giving people a sense of commitment to their work and their team members in order to thrive,” PracticeEvolve added.
The report stated it was clear that a high number of firms were not prepared for a catastrophic event of this scale as COVID-19 with over half surveyed reporting they had a business continuity plan in place while a staggering 41 per cent did not.
PracticeEvolve advised that firms must be agile and ready to scale up and down to meet varying degrees of business activity as well as have a risk management plan in place that is reviewed and stressed tested regularly.
In the longer-term, the report showed that over 52 per cent of firms believe disruption and end-to-end business change is the number one prediction for the legal profession going forward.
Nearly 32 per cent predict less business confidence and almost 40 per cent do not plan to increase staff numbers in FY21.
PracticeEvolve said that firms must implement a risk management plan and consider the various potential risks or events before they occur, stress test the plan and review it regularly.
“Regardless of the likelihood of an event, 2020 has clearly demonstrated the need to be prepared for even the most unlikely scenarios," PracticeEvolve said.
“The survey makes it clear that moving forward well-managed law firms who continue to invest in new and better technologies will be the key to profitability and client centricity.
"This coupled with, investment in their employees will mean they will have the best people drive these technologies to enhance the client experience, free up resources for higher-value work and, most importantly, foster a ‘can-do’ culture.”
