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We asked legal service buyers what they thought the future looked like for law firms over the next five years. The majority concluded that change is already underway, so it is of vital importance for law firms to adapt, utilise the opportunities afforded
to them, and move with the times if they want to stand out from the crowd. Establishing their “brand” and ensuring transparency will also become increasingly important.
They all agreed that, for a firm to be a market leader, it must listen to its clients. Stephanie Hamon, Head of External Engagement at Barclays suggests that firms should pay attention to our 2015 Report, The Age of the Client,
and keep in mind that law firm success starts with listening to the client.
A firm is more valuable to an in-house client, for example, if it takes the time to understand the business. It will be able to offer pragmatic advice, align its services to the client’s value points, and build effective, sustained relationships.
While firms might be profitable now, this is no guarantee of future success. Clients already need and want to see change and this will only increase in the coming years; if law firms don’t understand that, they will lose out and fall behind.
The rest of the series will be available shortly on our Future of Law blog, but for those who can't wait you can watch the videos here:
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