Has 2020 been a reckoning? How are the clients’ needs shifting and what is the implication for the legal sector?
“Reckoning” may be a bit strong, but certainly the events of 2020 have, amongst other things, laid bare the vulnerabilities within the full range of industries as regards to their maturity in adoption and implementation of technology-based solutions to support their businesses. The common theme we are hearing from clients is that they need to accelerate their digital strategies, to enable them to leverage technology and data to compete and win and that they need advice and guidance about how to approach solving this far-reaching problem. From a legal services perspective, this has meant accelerating their review of technology solutions that can improve their legal operations and which work holistically within their businesses. And, ultimately, this has resulted in a blending of the practice of law with the business of law, and the need for participants in the legal sector to understand how to service both, whether on their own or in collaboration with others.
How are data and tech enabling the rethinking around the role of legal (either in-house or law firms/ companies)?
The role of legal is definitely shifting towards being recognised and understood as one of greater strategic importance, rather than being more focused on compliance and risk management.