29 December 2017 at 06:45 BST

Law firms 'excited' about the future

Optimism has improved since last year but lawyers need to think more imaginatively about their businesses as clients continue to drive innovation.

ESB Professiona

Lawyers are becoming more optimistic about business with increasing numbers seeing opportunities ahead. A survey carried out for the Global Legal Post revealed that whilst nine per cent were perplexed by the changing marketplace and unsure about the future, 34 per cent said they saw lots of opportunities and one in five said they were 'excited' about the future. Just 11 per cent said they were worried about shrinking law firm profits. Despite the optimism, however, only three per cent thought the future of the legal marketplace was very secure, revealing a realism about the business realities facing the marketplace. More than half (55 per cent) said law firms needed to be more creative in their thinking about their businesses.

New opportunities

The results are reflected in the number of law firms embracing new opportunities on the technology front in 2017, as the race to develop a competitive edge saw law firms globally resolve to 'innovate'. However, most of the innovation has, in reality, been driven by clients - which have dedicated resources to drive efficiencies in legal spend. The GC Excellence Report revealed recently that 48 per cent had employed or were planning to hire a chief operations officer to lead this initiative. It also found that 44 per cent of general counsel were keen to create value for the company as part of their job. For more information on the  GC Excellence Report in association with  law firm alliance TerraLex, contact benmartin@globalcitymedia.com.


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