A survey of the UK’s top 100 law firms by HSBC and The Lawyer magazine has found that 81% believe technology is the most important strategic development area for their businesses. However, just 27% of law firm leaders said they would invest over 5% of revenue in technology projects, a decrease from 75% two years ago. HSBC UK head of professional services Chloe Clift commented: “While investment in technology is clearly still a priority, law firms are pulling back from new and innovative technologies to focus on their ‘business as usual’ systems that lie at the heart of operating an efficient modern law firm.” She noted however that: “Increasing frequency and sophistication means that cybercrime should remain a focus for firms who could suffer damage to their operations or their reputation in the event of a serious breach.”
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Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.