Successful businesses embrace change in order to grow and thrive. Under normal circumstances a business will implement change in order to stay ahead of it’s competition but we are living through a period in time where change has become necessary just to survive. Traditionally the legal sector has been slow to accept change however two events have forced the sector to re- think change and the need for it.
Some people don't like change, but you need to embrace change if the alternative is disaster.
Elon Musk, founder of SpaceX and Tesla
COVID-19 has brought the need for change to a whole new level. With lockdowns and social distancing we can no longer work in the way that we previously did. Unlike BREXIT we have had no time to plan for the impact of COVID.
Some organisations will have dealt with this better than others, and typically these will be those firms that have been investing in technology in previous years.
However, technology is not the answer to all problems created by COVID. The legal sector has traditionally clung on to manually intensive processes because they worked and there was no need for change. Typical examples would be:
- The movement of documents around the organisation
- Billing and cash collection processes
- Approvals and signatures for payments
- Management reporting – forecasting, resource planning etc
- Clients have also had to adapt: reducing staff levels (furloughing), interact with the legal teams using video technology etc.
But what COVID has shown is that the sector can adapt rapidly when necessary and in many cases has seen benefits from the change:
- Workers have positively embraced the technology and arguably are more productive with an improved work-life balance e.g. no commuting
- Improved cash collections due to prompt time recording and improved WIP reporting
- Appetite for change has improved dramatically
What happens next?
Have BREXIT and COVID merely been inconvenient challenges that have forced us to change our behaviour or have they been the catalysts for positive change?
Assuming that we exit Europe at the end of 2020 with a good working relationship in place, and that we find a sustainable response to COVID, how will we maintain the momentum for innovation and change?
Are there further opportunities to be secured as a result of these two challenges?
Recent published articles and briefings within the legal sector have identified the following challenges focused around culture, information and optimisation that could point to the next tranche of opportunity:
Our consultants are experts in the business of IT: how to prepare, transform and sustain success. Our experience in law and other sectors demonstrates that by focusing on the right approaches and using the right frameworks leads to value quickly.
So how would we approach these challenges?
The legal industry is going through significant change and those willing to embrace and invest in change during this time are set to reap the benefits and thrive.
Addressing the challenges of culture, harnessing the huge potential of your data and optimizing your spend and processes will deliver a significant ROI.
Over the coming weeks we will be releasing a series of articles (Peru Perspectives) that explore these topics in more detail and provide you some insight about how to begin addressing your own challenges.
For more information please contact Peru Consulting:
the original sway article can be found below