Law firms today face a multitude of challenges ranging from economic volatility and evolving client expectations to the rapid pace of digital transformation. Earlier this June in Melbourne, Australia, we hosted our second Future of Mid-Market Law event, which brought together leaders from midsize law firms to explore innovative strategies for overcoming these obstacles. During the gathering hosted at Westpac’s office, attendees gained invaluable insights on how law firms can adapt and thrive in the dynamic year of 2023. Now, we are delighted to share these fresh perspectives with you. Read on to discover new ideas that can transform your legal practice.
Navigating uncertainty in the legal market
Fabian Monaghan, the Director of Interest Rate Solutions at Westpac Institutional Bank, developed a compelling presentation on the evolving outlook for inflation and interest rates in Australia and the prevailing uncertainty and volatility that this presents for the economic landscape. One ramification of the current economic environment is that law firm spending is low, which can have an impact to stifling business growth and success. While these challenges are expected, it is crucial to keep in mind two additional narratives. Firstly, central banks, economists and the broader market, have each struggled to forecast with great accuracy, reinforcing the challenges of attempting to predict what might play out. Therefore, it’s vital to be flexible and adapt swiftly to changes. Secondly, Australian inflation, having peaked towards the end of 2022, is beginning to moderate. This provides us with some hope for a more stable future and prompts us to develop sustainable financial and business strategies that will provide law firms with a safety net for success in the coming years of unpredictability.
Reimagining the client and staff experience
In the thought-provoking presentation “Why It’s More Important Than Ever to Reimagine the Client and Staff Experience,” Carl White, Director at PwC NewLaw, emphasized the significance of infusing human touch into the legal profession. White highlighted that empathy is the new currency in delivering exceptional service which is urging law firms to reflect on their operations for any gaps in empathetic engagement and humanizing contact with both their staff and clients.
To lead with empathy, law firms can embrace various approaches. That may include, and perhaps surprisingly, the adoption of artificial intelligence (AI) to enable firms to communicate in a more empathetic manner with language that softens the experience. It also helps address the issue of disconnectedness with clients by offering more prompt and frequent responses. Fostering a positive experience also requires a continuous focus on monitoring and optimizing every element of client interaction to provide a deeper understanding of client needs at each stage of their journey. This will help your firm deliver a memorable experience. Measuring client satisfaction is vital for turning positive client sentiment into a compelling selling point for your law firm. Lastly, initiating meaningful change starts with purpose. Take the time to determine what your law firm’s purpose is and how you envision servicing clients. Technology serves as a powerful enabler to achieve these successful outcomes for law firms. White explained all these factors come together to create a new equation for success in law where purpose, client-centricity, and technology enablement deliver remarkable outcomes.
Embracing modern technology for enhanced success
Within the realm of mid-market law firms, two distinct types exist those primarily focused on legal practices and those with a business-minded approach. David Hepburn, President of Actionstep, shed light on the latter category during his insightful presentation. Hepburn outlined three key focuses for business-minded law firms: vision, client-centricity, and technology. These firms possess a clearly defined vision that is embraced by the entire organization which outlines their path to success as the firm scales and evolves. Placing the client at the core of their operations, these firms make decisions that prioritize creating a best-in-class client experience. Lastly, business minded firms embrace evolving technologies, recognizing both the opportunities and threats they present. They view technology as a way to progress their law firms and ensure sustainable growth and prosperity in an ever-changing landscape.
Our final takeaways
The Future of Mid-Market Law event provided a platform for leaders in the legal industry to network, exchange ideas, and explore new strategies for success. By implementing these findings on how to navigate uncertainty, reimagine the client experience, and embrace modern technology, law firms can position themselves as pioneers in the field and be equipped to tackle and thrive in our unpredictable future. We look forward to our next event and sharing the key findings that will empower your firm to flourish.
Interested in learning more about Actionstep’s legal practice management platform? Book a demo here.
Written by The Actionstep Team
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