Navigating the challenges of small law firms with oneAdvanced
Law firms today face a multitude of challenges as the industry reacts to greater digitisation, flexible working practices becoming the norm in a competitive talent market, increasing regulation, cybersecurity concerns, the list goes on. For small law firms, there are additional challenges to consider as firms battle limited resources, rising costs, narrower profit margins and intense competition create a demanding environment where small decisions matter more and challenges have great implications on their bottom line. In this guide, we explore several challenges that small law firms face, the impact of these on the legal profession at the small end of the market; how technology can offer solutions to these challenges, and how implementing technology not only meets these challenges but can be a simple solution to implement. Digitisation plays a major role within the legal profession, both in terms of playing a hand in how some of these challenges have evolved, such as with elevating the expectations of clients and staff alike; and also in the solutions and tools that are out there and readily available for firms of all shapes and sizes to adopt and meet those challenges. For those who are just starting out for example, legal software has the ability to help create a USP within your market, something we’ve seen with disruptors within the legal services sector more widely. Whether internal or external, a commitment to utilising software could simplify operations for you and your clients, paying dividends through satisfaction and a lack of administration which, ultimately, will lead to easier paths to revenue. In a similar vein for those on the opposite end of the scale as well, implementing effective technology not only aids the firm’s operation but also plays a significant role in succession planning. With automated systems and streamlined processes, a firm becomes more attractive to potential investors and buyers. This adds notable value, as the firm demonstrates greater long-term potential. Moreover, technology can facilitate a smoother transition during mergers, acquisitions, or sales, ensuring continuity and maintaining client trust.
Read more here: NavigatingChallengesSmallLawFirms-Whitepaper-LGL 1 (1).pdf
