The legal industry is undergoing major changes over the past few years. The advances in technology (such as Artificial Intelligence) have greatly transformed how the law is practiced. Besides, legal professionals had to face enormous challenges due to the global pandemic in 2020. Law firms had to quickly make the necessary changes in order to run sustainably through this period.
Of course, in these uncertain times, it may be difficult to make predictions for 2021. However, more than ever it’s important to examine the trends that will shape the legal industry. Here’s how law firms can succeed in 2021.
Deliver Better Client Experiences
The law firms that will succeed in 2021 are those that will adopt a client-centric approach. This approach is a win-win for all involved. Build long-lasting attorney-client relationships by delivering exceptional client service, reducing costs, tackling complex issues, and using technology. For example, you can offer your clients videoconferencing, electronic document workflows, and online billing and payments. And be sure clients will recommend your firm to peers and you will win new clients.
Emerging Technologies
It’s no secret that technology has impacted all areas of the law and will continue to do so this year. Needless to say, in 2020 legal professionals that transitioned to work-from-home environments relied on technology to continue operating. While in 2021 more firms will consider reducing their real estate costs, technology can help streamline online and in-person interactions while helping save on firm costs.
On top of that, emerging technologies such as artificial intelligence and machine learning are replacing manual tasks in the legal industry. AI is performing a growing number of legal tasks, from legal research, document review, billing, and litigation support to contract drafting.
In 2021, law firms that invest in legal-tech solutions will have a competitive advantage over those who do not.
Diversity & Inclusion
In 2020, after the protests against racism and police brutality in the United States, law firms need to be more inclusive and be the protectors of clients coming from weaker, marginalized, or stereotyped sections of the society. Besides, they should establish new hiring and promotion strategies to increase diversity in law firm leadership ranks in 2021.
Specialized Law Firms
Though in recent years, law firms of all sizes have been offering a broad range of legal services, there is a growing need for specialized legal services. The demand for specialized legal services will likely increase in 2021. This is because potential clients more than ever are looking for someone who does specifically what they need. Specialized law firms can stand out from the crowd and become leaders in their areas of specialization.
Legal Outsourcing
Lawyers everywhere are looking for ways to make all legal processes more efficient, focus more on their core business activities, and get things done faster. In recent years, more and more law firms are outsourcing in order to increase flexibility, reduce costs and expand their in-house capabilities. Luckily, finding a qualified freelance lawyer is not a big deal nowadays. For example, AppearMe is a handy tool that allows lawyers and law firms to find expert witnesses, litigation support specialists (interpreters, legal writers, court reporters, legal assistants, videographers, etc.), appearance, deposition, and freelance attorneys, as well as refer cases without processing fees in a matter of seconds.
Keeping these trends in mind will help your law firm become more efficient, productive, and achieve your 2021 goals.
