Understand your clients’ strategies and the most pressing issues they are facing. 10 Trends That Will Shape the Legal Industry in 2020 2019 was an exciting year for the legal industry. Corporate legal departments, faced with the need to improve productivity and efficiency, have turned to technology more aggressively and they are pressuring law firms to do the same. Alessandro Giovannelli has been shortlisted for Food industry, Michele Mocarelli in Real Estate industry and Fabrizio Scaparro in Oil & Gas, Private Equity and Telecommunication industries. US cannabis workers report a 10.7% higher median salary than the national one. They’re not rich, but they also don’t qualify for legal aid.”, – Abraham Hamra, Managing Attorney, Hamra Law Group PC. Massimiliano Grimaldi vincitore aL TOP LEGAL INDUSTRY AWARDS 2020 – Categoria Trasporti.Massimiliano Grimaldi è stato nominato vincitore del Premio PROFESSIONISTA DELL’ANNO nella Categoria TRASPORTI nell’ambito del TOP LEGAL INDUSTRY AWARDS 2020, competizione organizzata da TOP LEGAL secondo criteri di selezione precisi e rigorosi atti a valutare l’impiego di … So I think it’s safe to say that most of the predictions are going to overestimate.”, “So I really do like this advent of tools like Community Lawyer that are democratizing access to coding, even though they might not say it that way. As the legal industry moves forward, however, the focus will also be on the key capabilities that will ensure that organisations not only survive through change, but also thrive in the new legal landscape. I vincitori saranno dichiarati e celebrati il prossimo 18 Giugno a Milano in una inedita edizione digitale. With a focus on the attributes that drive performance in legal organisations, the survey found that legal professionals see technology as the top performance driver and critical to improved relationships, performance and productivity. Among firms, 62% of Technology Leaders reported that their profitability increased over the prior year, compared to 39% of Transitioning firms. Become your target audience’s go-to resource for today’s hottest topics. What they’d say is, they’d say it’s “no coding.’ But the democratization of being able to tell computers how to think, I think, is going to continue to grow. I think when the industry becomes open, fully open to providing brand new ways to deliver legal services, we’ll see a major shift for the law firms who are excited about that and not afraid of that.”, – Lori Gonzalez, President, RayNa Corporation, “I think we’ve been hearing for a while about automated services and the risk to attorneys of having a process completely automated without any attorney involved. We also share how to create an effective non-engagement letter. Save this blog article as a PDF Loading ... Save the heavier-duty resources for more impactful work. The crisis has shown that legal technology solutions, which enable work at anytime from anywhere, are essential to business continuity today. We are the original legal industry disruptors and throughout our history this legacy has enabled us to thrive. Technology and Innovation Roadmap Launched to Support Legal Industry in Adoption of LegalTech. In 2020, those findings were confirmed. I think a lot of people, when tech was newer, thought it was all tech or nothing. 2020 is poised to see emerging trends become more commonplace in legal practice. 33 states have approved marijuana for medical uses. The disruption caused by the 2020 global pandemic will have far-reaching impact across the legal industry, accelerating the sector’s ongoing transformation. Findings of the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers are available in this report. Let me say, lawyers aggregating their bills will be the biggest trend of 2020. The Technology Leader Edge Continues for the Future Ready Lawyer. Seizing opportunities for alternative legal service delivery, 7. Read our 10 essential tips to help your law firm profits grow. In terms of technology with the biggest impact in the next three years, 59% cite Artificial Intelligence, yet just 22% understand it very well. Whether that money means that people are being bought and combined or if it means new entrants are coming into the market, that feels like the next year for me.”, “The bigger trend is the expansion of the big four accounting firms into the space. Call 1-888-858-2546 or email [email protected]. And that might just be as simple as document automation, but it can be a lot more.”, – David Colarusso, Practitioner in Residence & Director, Suffolk University Law School’s Legal Innovation and Technology Lab, “I am really very interested in AI. The report takes an in-depth look at 2020, which was a year unlike any other in the legal market, due to the COVID-19 pandemic and will have a long-lasting impact on the legal market for many years. Wolters Kluwer conducted an independent survey – the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers – to assess future readiness and resilience in the legal sector. FINALISTI - TopLegal Industry Awards FINALISTI 2020 La prima fase della valutazione delle candidature è terminata e di seguito pubblichiamo l’elenco dei finalisti. As a result, law firms will loosen the purse strings to get the right team in to get things right first time, saving a lot of expense and frustration in the long run. Power up your legal research with modern workflow tools, AI conceptual search and premium content sets that leverage Lexology's archive of 900,000+ articles contributed by the world's leading law firms. Here are the fastest … 02 OCT 2020. Our sales team is available Monday to Friday from, 300 - 4611 Canada Way, Burnaby, BC V5G 4X3, Understanding Government Stimulus Options During Covid-19, 1. They have such a headstart on AI, even though they’re not necessarily practicing law, that my prediction is that the law firms who aren’t into the innovation world now, will be buying innovation from the big four even if the big four aren’t allowed to actually practice law here in the US.”, “I mentioned I’m actually working on ethics changes, and so I believe in 2020 it will be about designing better services for clients. While the industry has previously fallen victim to high-profile cyberattacks and data breaches, cyberattacks in 2020 were particularly crippling … Nel 2020 la Commissione Tecnica è stata composta da 75 figure apicali provenienti dalle maggiori direzioni legali, fiscali e finanziarie in Italia. Modern Legal Industry Standards SALI is a not-for-profit organization comprised of legal industry professionals from legal operations, law firms and solution providers with the goal of developing open, practical industry standards for efficient and innovative legal services. TopLegal Industry Awards 2020 Anche quest’anno lo Studio è tra i finalisti alla V edizione dei Top Legal Industry Awards, che celebra le eccellenze tra gli industry legal team in termini di impiego di risorse a beneficio del cliente, innovazione dei servizi, conoscenza specifica del settore e soluzioni apportate. The Future Ready Lawyer Survey surfaced significant gaps between corporate legal departments’ expectations and law firms’ ability to deliver on them. While new solutions help streamline key processes such as document redaction, forms data capture, and document automation, they’re not enough in isolation. 2020 Legal services industry pulse check | Introduction 3 Introduction The evolution continues According to Thomson Reuters, the market grew 7.8% in the 2018 financial year, while our 2020 pulse check shows that three in four firms lifted revenues in the 2019 financial year, fuelled in part by a number of government enquiries, “Given the pressures created by the crisis, there will be a spotlight on legal professionals’ performance moving ahead, with the need to increase productivity while delivering the highest value and ROI to their customers,” said Martin O’Malley, Wolters Kluwer Legal & Regulatory Executive Vice President and Managing Director. The legal field, from family to corporate law, impacts us all in some way. Last updated: May 12, 2020. They all want caps, because they don’t know what you’re doing and you can run away with your bill and hit them with a $100,000 bill. Then there’s the discovery stage, there’s trials, hearings, motions, and whatnot. Steady gains demand technology deployments that align with existing process frameworks to encourage meaningful, cultural change. Explore by selecting a date and range. Read on for the top legal industry trends to follow in 2020. “At the Clio Cloud Conference specifically, I have noticed a theme of storytelling throughout all the presentations I’ve seen. And whether that be, you know, through Clio Grow, or through some of the dashboarding in Clio, or just going through their own billing systems, I think 2020 will be a year where really for the first time it’s easy for law firms to understand their businesses as businesses, in ways they haven’t been able to before. Happy to share that Giovannelli e Associati has been shortlisted for the Top Legal Industry Awards 2020 for Food, Biomedical and Luxury and Fashion industries. Get this free e-book from legal industry expert Mike Whelan, Jr. However, only 29% believe they are very prepared when it comes to Understanding Technology Solutions Available; 27% are very prepared to Use Technology to Be More Productive; 26% are very prepared to Use Technology to Improve Client Services; and 24% say their staff is Capable of Leveraging Technology effectively. The world’s best legal conference—gone virtual. But I think attorneys are hearing about that less as a risk and more of an opportunity to utilize the possibility of a streamlined—or a different tiers of—service to incorporate into their practice.”, “We know that clients like the conversation that helps solve their problem. Legal marijuana sales are projected to reach $22 billion by 2022. You just have to change the clients and the information.”, “I think the future of that practice is going to change dramatically and it already is, right? At the most recent Clio Cloud Conference, we asked that question of 13 lawyers and legal industry experts. The top trends expected to have the most impact are: Looking across all trends, however, there is a significant gap between trends and readiness to address them. So, I think that’s actually an opportunity to utilize the technology that’s available to simplify and make a process more efficient, but still keep that relationship with the client front and center.”, – Kristin Gaston, Partner, Cascade Legal Planning. It is also true, however, that many professionals were already on this path of transformation, with different players moving at different paces. Over the past few years, we have seen legal leaders expand their roles into the areas of … Factors that influence the return on investment of legal technology, Evaluating your legal department’s digital maturity, Making the Business Case for Contract Management Software, The 5 most common legal risks that can impact your business, Why the general counsel should care about regulatory compliance software, Increasing Importance of Legal Technology – 76%, Meeting Changing Client / Leadership Expectations – 74%, Emphasis on Improved Efficiency / Productivity – 73%, Ability to Acquire and Retain Talent – 73%, Coping with Increased Volume and Complexity of Information – 72%. 4 Major Trends That Are Already Changing the Legal Sphere in 2020 Technologically-driven innovation is poised to disrupt long-standing customs of the legal profession. Encouragingly, many answers centered around better service and more predictable fees for clients, more human technology, and overall, the rise of the client-centered law firm. Before the crisis, the legal sector was already undergoing transformation driven by economic, demographic, regulatory, technology and competitive demands. October 13-16, 2020. Why do legal organisations seem so unprepared? Questions? So I think the more human our technology can become, the better.”, “Part of me wants to say consolidation, but it’s going to be the money flowing into the sector. Bill Josten January 6, 2020. Need more help around your law office but not ready to add a full-time in-house staff member? Legal Newswire POWERED BY LAW.COM . Findings of the 2020 Wolters Kluwer Future Ready Lawyer Survey: Performance Drivers are available in this report, which also includes insights from legal industry leaders on COVID-19 and legal sector impact. Please contact [email protected]. Given the increasing importance of legal technology, it’s no surprise that law firms plan to invest more: 60% plan to increase their technology investment over the next three years. Leopard Solutions has released its 2020 State of the Legal Industry Annual Report highlighting top 200 law firm growth, partner and associate hiring trends, and diversity efforts. So the complaint will cost you $2,000, discovery will cost $4,000, and so on and so forth. I feel like storytelling is huge and is getting a lot bigger. Digital innovations are transforming the industry, and there are notable trends that are emerging. The previous Future Ready Lawyer Survey conducted in 2019, found that Technology Leaders – those that fully leveraged technology – outperformed, across the board, those organisations that were not fully leveraging technology. The rise of storytelling and blended interactions, 5. What does the future hold for the legal industry? Given how huge this section of the market remains, it is not surprising that law firms are looking for ways to expand directly into this field. 02 Oct 2020 Posted in Press releases. Changing regulatory frameworks are creating growing demand for regional, industrial, and category expertise. Global B2C Legal Services Industry (2020 to 2027) - Market Trajectory & Analytics. Introducing PRO ComplianceThe essential resource for in-house professionals. In my view, 2020 will be the year information management and governance are no longer abstract concepts, but critical elements of legal industry strategies and programs. For example, 79% of corporate lawyers said it is important that the law firms they work with Demonstrate Efficiency and Productivity, while only 28% said it describes their current firm very well. Dato il momento emergenziale in cui ci troviamo, nel 2020 abbiamo studiato un format alternativo e innovativo affinché la premiazione della V Edizione dei TopLegal Industry Awards potesse tenersi ugualmente. As far as legal technology goes, I think the trend is people learning to blend in-person interactions with technology. Fewer than one-third of respondents reported they were very prepared to address any of them. As not… The vast majority of our clients need light support and forms, so let’s figure out a way to automate that and get them access as efficiently as possible. But yeah, that’s going to be interesting.”, – Leslie Ginzel, Attorney at Law & Program Director, Beacon Law, “I think the trend really is just going to be the growing gap between what lawyers used to do being taken over by non-legal providers and the services that really demand a lawyer.” “And having lawyers recognize that that’s a market that’s developing, a market shift that means you can’t keep being the low-cost option. “There’s a saying: ‘people always overestimate what will be done in five years and underestimate what will be done in 20 years.’ And so we’re now into one year. The democratization of being able to tell computers how to think, 11. We surveyed over a thousand lawyers and legal clients - and reviewed case volumes from tens of thousands of law firms - to discover tips for adapting to COVID-19. From digital records maintenance to information extraction using automation, the modern legal profession practices will be revolutionized over this decade. To ensure they meet client expectations, 67% of law firms said they are Investing in New Technology to Support Firm Operations and Client Work. She's a frequent guest editor of the Clio Blog, and has written for publications such as GP Solo, Legal Technology Today, and Above the Law. And that’s something I would like to watch for. They’re already using AI for the financial documents that were born out of the last financial crisis with banking, and they’ve applied AI to read those contracts that all the banks had to agree to, and now to keep track of how those contracts are being implemented. The crisis has pressured legal professionals to fast-track their use of technology solutions. The findings make clear that increasingly, the use of technology is critical to how well firms meet client expectations. Mar 08, 2021 1:10 PM ET. Turbo-charging change in the legal industry. Additionally, across all areas of preparedness related to technology, staffing, organisational and client focus, Technology Leaders also outperformed organisations with lower technology use. 2020 has forced many of those who were opposed to migrating to the “cloud” along with more innovative and progressive approaches to running a business. Click here to read part two >>> The most impactful of our five legal industry trends to look out for in 2020 is the continued focus on digital transformation. Read on for the top legal industry trends to follow in 2020. Big Data and Predictive Analytics are the transfor­mational technologies that 67% of legal departments expect will have impact over the next three years, yet just 25% understand these technologies very well. COVID-19 has cast a pall on everything- life has been upended around the globe. She’s also interviewed dozens of practicing lawyers and leading legal industry thinkers, including Preet Bharara and Bryan Stevenson. We published this blog post in January 2020. Here is our pick for the top Digital transformation trends that will redefine the UK legal industry in 2020 and beyond-Artificial Intelligence will take over Legal Documentation These legal professionals will be legal knowledge engineers, legal risk managers, system development, experts in design thinking, and more. “The unfortunate one is the billable hour, and really figuring out a way to give clients almost a flat rate. According to the survey, corporate legal departments experienced growth in demand for legal services and continued to focus on various means to control costs. I think the law firms who do that will see the best growth because the market is huge and ready for that.”, “But my belief longterm is it’s those lawyers and law firms that are ready to truly partner with technologists, operations gurus, legal tech consultants, and paralegals [that will succeed]. The survey includes insights from 700 legal professionals across the U.S. and nine European countries and examines ongoing trends in the legal sector and how well-prepared organisations are to drive higher performance. You can’t adapt and survive with that as your sole differentiator.”, – John Strohmeyer, Attorney & Owner at Strohmeyer Law, PLLC. Topics: Billing & Pricing, Client Relations, Data Analytics, Efficiency, Law Firm Profitability, Law Firms, Leadership, Legal Innovation, Legal Managed Services, Litigation, Midsize Law Firms Blog Posts, Peer Monitor, Practice Engineering, Practice Groups, … Lawyers predicted pressure from a series of trends expected to impact their organisations over the next three years and technology topped the list. "SCCA Newsstand is a great legal resource. They don’t always think they can do it by themselves the whole way. Transformation is underway across the law firm landscape, as firms increasingly face competition from alternative legal service providers and even clients themselves. And they’re worse off than when they started. I think this will get more interesting in fields like corporate and in the field I practice in—real estate—with leasing work and other types of documents that are the same over and over. “There are a lot of things that sort of compete for that. Looking at trends specific to corporate legal departments, respondents said that their top priorities over the next three years will be to: Reduce / Control Outside Legal Costs; Improve Legal Operations and Legal Project Management; and Provide Strategic Value to Their Company. Our explorer gives KPIs for law firms including fees per fee earner, profit margin, annual change in the size of Top 100 by fee income, and male vs female full equity partners. You'll also receive useful weekly updates by email. 2020 Report on the State of the Legal Market: From Incremental Change to Revolutionary Innovation. © 2008 - 2021 Themis Solutions Inc. (Clio) |. Respondents said that the Difficulty of Change Management & Leadership Resistance to Change is the biggest barrier to implementing change for both corporate legal departments (65%) and law firms (53%). The legal industry has been notorious for being a more traditional, server-based style. With a focus on technology, the gap in knowledge and preparedness is most acute when it comes to transformational tech­nologies. Five additional states could pass legalization measures in November 2020, adding a further $3.3 billion in annual legal sales before 2025. Instantly download this blog article as a PDF You'll also receive useful weekly updates by email. The 2020 report contrasts two kinds of change taking place It doesn’t necessarily mean you have to be the high-cost option, but there’s less and less benefit to be provided on those kinds of simple and straightforward things provided by a lawyer. The continued relevance of artificial intelligence. Previous “alternatives” such as alternative fee arrangements & ALSPs are now “the norm”, says new report from Georgetown Law and Thomson Reuters Legal … Our sales team is available Monday to Friday from 8 a.m. to 8 p.m. EST. And so I think 2020 is going to be the year of the law firm as profitable business. Read in-depth analysis on the state of legal practice. Georgetown University Law Center and Thomson Reuters Legal Institute published in early January the “2020 Report on the State of the Legal Market”, their annual report revealing trends and key issues within the legal industry. Keep a step ahead of your key competitors and benchmark against them. As new legal tech solutions and alternative work models continue to emerge, the legal market is becoming increasingly competitive and is constantly evolving. I think that is going to really be a focus, because a lot of small businesses get frightened at the idea of an hourly charge. I think we can all get so lost in the tech aspect of things that we forget who’s supposed to be on the other side. The global legal services markets will be over 5.7 billion and are expected to continue to see growth in the future. Find out how an attorney non-engagement letter can help you provide a client-centered experience. And I’ve created all new charts and graphs and Excel spreadsheets and I’m very data driven and I think that the legal industry as a whole is going to continue to be very data driven in every aspect.”, – Crystal McDonough, Attorney and Owner, McDonough Law LLC. The disconnects that surfaced across several categories may be impacting client satisfaction levels, with only 26% of corporate lawyers very satisfied with their current law firm. ", © Copyright 2006 - 2021 Law Business Research. When asked to identify the biggest changes ahead for them, 82% said they expect the Greater Use of Technology to Improve Productivity. 1. To get our 2020 results with our full analysis, download this year’s report below. United Kingdom Legal Services Industry Report, 2020 - Market Revenue Reaches £37Bn in 2019 and Annual Growth of Almost 5% Forecast for the Next Two Years Find out which Clio events and CLE webinars are coming up next. 2020 will be the year that the majority of firms awaken to the possibilities that a trusted partner can provide. Encouragingly, many answers centered around better service and more predictable fees for clients, more human technology, and overall, the rise of the client-centered law firm. Teresa Matich is an experienced legal tech writer and editor. As one pointed out, it’s likely easier to predict trends 20 years from now than a year from now, but we received some interesting answers nonetheless. As of 2020, there are 243,700 legal, full-time cannabis industry jobs. Consider document automation. For the first time, law firms will really look at what they’re charging their clients, and how they’re charging their clients. I think a lot of attorneys are going to be caught off guard.”, “Because I’m a transactional attorney, I’m following how AI is being used to interpret and populate contracts. I particularly like the user-friendly format, which I find highly efficient! In fact, while the Increasing Importance of Legal Technology was the top trend at 76%, only 28% of respondents said they were very prepared for it.
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