Legal Executive Institute, June 9, 2020
The new 2020 State of the Legal Market in Canada report details how a strong legal market with growing international demand has begun responding to client pressure as a result of the current pandemic.
While it is true that priorities have temporarily shifted as we see the Canadian legal industry move from immediate crisis management to short-term planning, many of the core strategic priorities for corporate law departments remain. These include:
- Effectiveness, or striking the balance between minimizing risk and enabling growth;
- Efficiency, not only in terms of cost control but also in regard to the speed and accuracy of counsel; and
- Innovation, specifically accommodating changes in legal technology and process innovation.
You can download your complementary copy of the 2020 State of the Legal Market in Canada report here.
The report also details how Canadian law firms would be wise to focus on similar improvements to effectiveness and efficiency through these crucial first steps:
- Fostering greater collaboration;
- Applying metrics to daily activities to measure both effectiveness and efficiency;
- Investing in technology; and
- Understanding that clients want legal providers that are ready to innovate, whether on processes, technology, or fee structures.
The report urges Canadian legal practitioners to discover what these priorities mean to your law firm or corporate law department and why they may even be more important in today’s uncertain and immensely challenging environment.