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Law firms are ' enthusiastic ' about the future Law firms are ' enthusiastic ' about the future

Bronze medal Reporter Jimna Posted 25 Sep 2019
Law firms are ' enthusiastic ' about the future

lawyers with growing numbers seeing possibilities ahead, becoming more hopeful about company. A study conducted for the Global Legal Post disclosed that while 9% were perplexed by the evolving market and uncertain about the future, 34% said they saw many possibilities and one out of five said they were ' excited ' about the future. Only 11% said they were concerned about diminishing earnings from law firms.

But despite the optimism, However, only three percent believed that the future of the legal marketplace was very safe, showing realism about the marketplace's company realities. More than half (55 percent) said they required law firms to think more creatively about their business.

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New Possibilities

The findings are reflected in the amount of law firms embracing fresh technology front possibilities in 2017, as the race to create a competitive edge saw law firms worldwide resolve to ' innovate. ' However, In fact, most of the innovation was motivated by customers – who devoted resources to driving legal spending efficiencies. Recently, the GC Excellence Report disclosed that 48% had or planned to employ a chief operations officer to lead this initiative. It also discovered that as part of their work, 44 percent of general consultants wanted to generate value for the business.

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