Competition in the legal market is stronger than ever. For law firms to grow, they must do so by taking clients from other law firms, but most have trouble differentiating themselves from their competitors. Every firm has great lawyers. Every firm can produce great results for its clients. So, what can law firms do to compete more effectively to acquire new business?
On November 10, 2021, Opus 2 sponsored a virtual roundtable discussion focusing on challenges law firms face today in delivering legal services and how modern law firms are leveraging technology to innovate and compete. The esteemed panel included Opus 2’s Don Fuchs and Kim Bookout, as well as litigation professionals and lawyers from some of the US’s top law firms. Below are a few insights from the roundtable:
A rising focus on project management in the litigation practice
Modern litigation teams are adopting a project management mindset and shifting their focus to an outcome-oriented strategy to maximize the value they provide to clients. At the onset of a new matter, litigation teams can leverage technology to access and collaborate on key documents and facts, involve the client and relevant third parties in discussions reach a consensus on topics such as avenues to resolution and potential risks.
Technology can provide an opportunity for law firms to stand out from the competition
Investing in technology that limits the time lawyers are spending on inefficient, manual processes and eliminates knowledge inequities can provide a competitive advantage over law firms that don’t make that investment. Streamlining litigation workflows in a single platform enables litigation teams to not only work together more efficiently to produce the best result for their client but also allows them to provide a consistent, predictable experience for their clients.
Getting buy-in for innovation and technology investments
Innovation and technology may provide law firms with an opportunity to differentiate themselves from the competition, but not every lawyer sees the value of those investments. Having an open dialogue and sharing client demands with lawyers is the easiest way to show them exactly why investments in technology and innovation are worthwhile. Law firms are receiving increasingly more requests for proposals (RFPs) from clients that include specific questions asking law firms how they’re thinking about creative solutions to modern legal challenges. Clients’ budgets are under scrutiny, they’re focused on metrics, and they’re looking to work with law firms that provide an efficient, consistent experience. To compete, law firms must innovate.
The most successful law firms are those that understand the problems they’re trying to solve and invest in innovation and technology to develop solutions. Then, they can truly differentiate themselves from the competition by providing consistent value to their clients.