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Last quarter I talked about how 2021 would see a real drive from firms to hire high-quality client value professionals. Whether you are looking for Practice Managers, Pricing or LPM professionals, one thing is for sure there has been no let-up in demand for such hires.

If that wasn’t enough, now firms are vying to improve their in-house technology and strive to be more innovative in their ability to streamline processes and become more efficient in the way they process and provide information

Over the last few years, Law Firms have seen more and more use of innovative technology to improve their service and provision of data internally and for their clients.

And this isn’t just a lip-service approach to technology; the legal industry has spent Billions of Dollars on improving efficiency and transparency of functions such as billings, pricing and matter management.

They embrace modern, data-driven and automated approaches to previously labour-intensive processes in the name of increasing productivity, output and revenue. Everyone is seeing the benefit of the investments being made, and as a result, investment is continuing to grow.

I would advise Firms to work as collaboratively as they can with their clients. By engaging with consultancies, large corporates are now utilising pricing data and analytics to run price comparisons across the AM Law 200. Not just by Firm but by practice, by attorney and by state.

Whilst price is always important to some degree; it’s not as big a factor for corporate clients as you might think. We know through research that corporates prioritise expertise and value over cost. Thus their focus will lie on finding the balance between the two.

There should be no winners or losers in any negotiation, so by working together and sharing data, leading firms and their clients can price matters accordingly that are competitive, efficient and ultimately provide value for both parties.

Statistics:

  • The legal tech market revenue is expected to reach $25.17 billion by 2025
  • Only 49% of law firms consider their tech set usage to be effective
  • 53% of attorneys in the US and Europe said their organisations are going to become even more tech-savvy in the next three years
  • The technology already available may help automate 23% of current work done by lawyers
  • 70% of customers might be willing to use online legal solutions and/or lawbots to solve their legal questions since this opportunity is cost and time-saving

Source: The London Post

As a result of this, I am delighted to say Boston Hale has been involved in aiding several leading Firm’s ongoing innovations by providing world-class candidates to take them to the next level.

Due to Boston Hale’s previous experience as leading providers of top Data professionals coupled with our expert knowledge of the legal industry’s more traditional departments such as Finance, Pricing, LPM and Procurement, we have been well placed to bridge the gap for our clients. Therefore, Boston Hale can assist and guide firms on how they can grow their technology offering across their organisation with quick access to high-quality talent.

I do not believe that improved technology and innovation will replace the requirement for Pricing, Finance and LPM individuals but will work hand in hand to provide your clients with the world-class service you pledge to offer.

What is becoming more evident is that strong candidates in Pricing/LPM will also be expected to be more and more data and tech-savvy. Existing and incoming staff will also need to have the mindset to embrace these changes in technology.

What all of this means is that once again, the demand for staff will intensify further. The legal industry is pushing the envelope on this, and it’s going to be a thrilling journey that Boston Hale look forward to partner you on.

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