The importance of technology: why firms who won’t invest are missing out

The importance of technology: why firms who won’t invest are missing out

Investing in legal technology is costly, both in terms of finance and time, so how can small and mid-sized law firms hope to compete with their larger competitors in this area? Jenny Rayner talks to a range of experts about their experiences.

This article was originally published on LexisPSL on 29 March 2017. For more information on our Practice Management module, click here.

The experts

Ben Wightwick, product director of HighQ Publisher and former winner of the KnowList Awards Legal IT Rising Star

Stephen Roper, professor of enterprise at Warwick Business School

Trevor Worth, CEO and founder of the award-winning small law firm, Portcullis Legals

Innovation teams

‘Innovation teams’ are becoming increasingly common within UK law firms. Tasked with keeping abreast of technological developments and spotting new innovations on the market, they also often command their own research and development budget. For many small and mid-sized law firms, however, having a team—or even an individual—dedicated to following technology trends is far from realistic. Nevertheless, the benefits that even the simplest legal technology brings can give smaller firms a significant advantage in the market place and put them on an even footing with their larger competitors.

Ben Wightwick, suggests that whatever your starting point law firms of all sizes have one thing in common—the need for success: ‘Technology these days, regardless of the size of your firm, can be an enabler to success. Modern platforms can level the playing field considerably. From benefits like improving your security standing, to being at the cutting edge of technology, through to providing a platform to which creates a competitive advantage. Technology is largely a commodity—it’s up to the firm to leverage it to create the value.’

Seeing is believing

The Solicitors Regulation Authority (SRA) and Legal Services Board recently published a report on ‘Innovation in legal services.’ Stephen Roper, one of the report’s co-authors, identifies the benefits that small and medium firms are already witnessing, ‘new technology has driven higher profitability and often new ways of working’. ‘More IT-based document storage and case management systems have enabled faster, value-for-money services to clients, and released time for personal consultations.’

Ben Wightwick agrees. ‘it’s now a common thing for smaller firms to compete with the larger more well-known brands leveraging technology to deliver an improved service in a very competitive market’. He adds that ‘firms of any size can build products and services with off the shelf products which can provide better value added services or even new revenue streams for the firm’. And it’s not just t

Subscription Form

Related Articles:
Latest Articles:

Already a subscriber? Login
RELX (UK) Limited, trading as LexisNexis, and our LexisNexis Legal & Professional group companies will contact you to confirm your email address. You can manage your communication preferences via our Preference Centre. You can learn more about how we handle your personal data and your rights by reviewing our  Privacy Policy.

Access this article and thousands of others like it free by subscribing to our blog.

Read full article

Already a subscriber? Login

About the author: