More law firms must continue to re-invent themselves, says Arlene Adams
Peppermint Technology’s latest research takes a broad look at the professional services market. How Law Firms Measure Up Against Other Sectors compares the management practices of lawyers to accountants and consultants.
Close attention was paid to the sectors’ willingness to innovate; their willingness to invest in future innovation and whether they have done so up to now. These are all indicators of their levels of awareness of the competitive era to come.
The research found that a third of law firms have not been involved in any business innovations in the last two years, a much higher figure than the other two sectors and an indication, perhaps, that law firms are continuing to spend money just to stand still, instead of innovating and adding value.
Law firms invest only 4.1% of turnover in IT, compared to consultancy (4.9%), and accountancy (5.1%). Deploying technology to add value to clients in ways that are commonplace in the retail sector is also an area where law firms have signally failed to press home an advantage.
While
