London, U.K. – 23 October 2015 – Research commissioned by LexisNexis-owned legal blog, Business of Law (a resource platform aimed at independent lawyers), reveals insight into lawyers’ attitudes to change. Nine out of 10 lawyers believe they are operating in a period of unprecedented change and 76% of lawyers describe their firms as “embracing change”, but the pace and extent of change implemented since last year has decreased. These are the findings of the report, The Art of Keeping Up.
These results highlight a sense of complacency setting in among firms as the economy improves. Two-thirds of lawyers anticipate growth over the next five years, displaying confidence about the future.
- Of the 15 changes monitored, lawyers implemented an average of just over five in 2014, including things like website development, staff training, actively measuring client satisfaction, outsourcing, changing firm’s status (e.g. ABS, LL) and more.
- However, only an average of 1.6 changes are planned for 2015. For example, of the 50% who haven’t increased investment in processes and technology, only 19% have plans to do so this year. Similarly, of the 65% who haven’t increased their investment in marketing yet, only 22% plan to do so in 2015.
Women and newly qualified lawyers are more in favour of change.
- 55% of women agree strongly with the need to change. Also, 70% of younger lawyers (those who qualified after 1997) have a positive attitude to change.
Firms that are resistant to change indicate negative views towards conducting business and demonstrate a lack of attention on their part, which is reflecting in their performance:
- Even though they are conscientious about their work, 39% don’t enjoy business management, 36% are not entrepreneurial, 34% are not early adopters of technology, and 15% have no clear strategy for the future direction of their business. Consequently, many of these businesses are less likely to grow or are in decline.
- 23% don’t consider investment in systems and process as important, 21% believe it’s not important to be technologically advanced, 13% think having a clear business development strategy is not important and 14% believe being forward looking is not important.
In contrast, those who embrace change are in a growth situation three times out of four, and are also more likely to have confidence in the future. This said, one out of four of those with a more proactive attitude are challenged by bad debts/cash flow problems.
“It’s time to innovate or die,” commented William Robins, Operations Director at Keystone Law. “Those who innovate can expect to ride a wave of unprecedented client demand, and those who don’t, can expect ever tougher competition and insolvency within three years.”
“Change is a state of mind. Independent law firms must continuously look for new opportunities to improve their operation and develop smarter ways of conducting the business of law,” said Jon Whittle, Market Development Director at LexisNexis UK. “This requires adoption of a positive attitude to change of course, but also a strategy behind the change to ensure tangible benefit to the business. There must be no doubt that with ever increasing client demands and rising cost-consciousness, technology will continue to disrupt and be critical to law firm operation, apathy towards it is akin to shooting oneself in the foot.”
This sub report entitled ‘The Art of Keeping Up’ is derived from The Bellwether 2015 Report: The Age of the Client, and looks into how law firms and lawyers are adapting to the Age of the Client. The report is available here: http://businessoflaw.lexisnexis.co.uk/the-art-of-keeping-up/.
The Bellwether 2015 Report: The Age of the Client is the third in the series and reveals how independent lawyers, small to midsize firms and sole practitioners are handling the new demands of the Age of the Client. It looks at the forces that are transforming the traditional client/lawyer relationship, explores how firms can meet new expectations, and asks what the profession’s entrepreneurs can teach us about succeeding in this new environment. The report is based on interviews with 118 independent lawyers and more than 500 private clients across England. The full report is available here: http://businessoflaw.lexisnexis.co.uk/download-the-bellwether-report-2015/.
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About the Bellwether Report
The Bellwether Report series is an annual qualitative and quantitative research project, exploring the working lives of independent lawyers, small to midsize firms and sole practitioners. It aims to conduct a ‘temperature check’ into the changing landscape and showcase interesting themes, developments and trends.
About Business of Law
Set-up in early 2013, Business of Law is a LexisNexis-owned legal blog, created by experts, for experts, with the aim of uniting lawyers and business leaders to share knowledge about how to not just survive these more competitive times, but to thrive. Business of Law’s aim is to build the definitive resource for independent lawyers; an online destination that can help the sector to do business better. To access the blog, visit: www.businessoflaw.lexisnexis.co.uk
About LexisNexis Legal & Professional
LexisNexis Legal & Professional is a leading global provider of content and technology solutions that enable professionals in legal, corporate, tax, government, academic and non-profit organisations to make informed decisions and achieve better business outcomes. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. Today, LexisNexis Legal & Professional harnesses leading-edge technology and world-class content to help professionals work in faster, easier and more effective ways. Through close collaboration with its customers, the company ensures organisations can leverage its solutions to reduce risk, improve productivity, increase profitability and grow their business. LexisNexis Legal & Professional, which serves customers in more than 175 countries with 10,000 employees worldwide, is part of RELX Group plc, a world-leading provider of information solutions for professional customers across industries.
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