Last week, Lisa Hart Shepherd and Steve Blundell presented at The Alternative Tech & Innovation Leaders’ Summit: Professional Service conference, an event bringing together the largest firms in law, accountancy and consultancy to examine innovation now and in the next five years. The session revealed how large corporations are buying professional services and how clients are reacting to the pressures of their changing world by demanding changes from their advisors, drawing on the latest results from our annual GC survey, Sharplegal.
A few highlights:
• Less than one in 10 are getting innovation from their law firms – a very small number of firms are seen as truly innovative
• Alternative legal service providers are a rising threat with a huge technology advantage over law firms
• Law firms have the advantage of talent, for now… only six of the 23 qualities clients value the most relate to the individual’s expertise.
Client’s worlds are driving change and creating new demands and opportunities. The biggest players have the deepest pockets to invest but changing their ways of working is like steering a tanker. However, all the investment in innovation can be squandered if relationship partners are not effective in showcasing it.
A substantial opportunity exists NOW for firms to differentiate if they can handle the required culture changes and are prepared to collaborate with clients. The quick win lies in upskilling people, ensuring they can talk authentically about the firm’s innovation offering and introduce the firm's experts into the relationship.
To learn more about how you can access the latest innovation insights, contact Steve Blundell at firstname.lastname@example.org