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

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