Briefing LITL 2021 partner comment: Investing for the future – Changing drivers in 2021, by LexisNexis
This report makes it transparently clear that technology transformation is number one on everyone’s agenda for 2021. This isn’t a significant deviation from prior years. Rather, the fundamental difference is the compelling set of drivers for transformation.
As firms make those all-important technology decisions, they must ask themselves three questions:
- Will this change improve client and staff experience?
- Will this change increase business efficiency and reduce operating cost?
- Will we increase our profitability sustainably?
The list of priority projects cited is lengthy, but they are all essentially synonyms for automation, optimisation, digitisation, streamlining and budgetary/project planning. One must therefore grasp the sentiment that underlies these priorities. For instance, legal process optimisation equals business efficiency. Systems integration translates to providing the right data at users’ point of need.
It’s interesting to read the number of references to ‘PMS’ as a key technology objective at this time, and it would be fascinating to understand the underlying need. Is it to gain financial transparency? Or perhaps to make the firm’s lawyers more business-aware? It’s also curious that the ‘magic wand’ section doesn’t reflect firms’ project priorities. There are no compelling ‘enabling’ responses that align with what Briefing law firms are working on.
WFH has been the biggest challenge and opportunity for all in 2020. The next question on this topic will concern how we make the tools available as an intuitive part of the legal process and not merely an adjunct.
Covid-19 has spurred serious technology and working practice change for the better. One hopes that it has also created a momentum where the rate of adoption of technology supports the rate of ambition for it. Merely maintaining this new status quo will be unfortunate and a missed opportunity.
This sponsor comment was taken from Briefing Frontiers: Legal IT landscapes 2021. To read the full report, click here.
