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Emma Musgrave
A new survey has revealed that the legal profession is still failing to keep up with advancements in technology that continue to disrupt the market.
A new survey has revealed that the legal profession is still failing to keep up with advancements in technology that continue to disrupt the market.
According to the report, BDO Law Firm Leaders Survey, 98 per cent of managing partners and senior partners of 50 national and international law firms surveyed have said the impact of technology is a “real cause of concern”.
Furthermore, 94 per cent of leaders surveyed said technology is considered a strategic priority.
“Technology and changing client demands are causing law firms to reconsider how legal services are delivered,” BDO Australia partner in business services, Tony Young, said.
“The question to ask is, if it’s feasible for them to continue to provide legal services in the same way they have done for decades?
“Law firm leaders must accept that if they want to maintain competitive advantage, they need to be much bolder in their approach to overcome these disruptive market changes.”
The report found that after technology, changing client demands, generational change and competition are the biggest threats to the leaders surveyed.
Across the board, those surveyed said that they expect businesses to take more work in-house, “where automation is likely to reduce the need for external lawyers in routine and high-volume areas”.
Forty-four per cent of those surveyed said cultural change will be a big challenge in keeping up with new technology. Out of those, 59 per cent said it was a firm-wide issue, while 41 per cent said partnership resistance could be the biggest problem.
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.
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