Firms face life or death challenge over innovation, says Lexis report

Law firms in Australia that have difficulty in moving over to innovative practices are at risk of being left in the margins, according to the Innovation Inertia: 2015 LexisNexis Roadshow Report.
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Some 96 per cent of lawyers in private practice in Australia see innovation as important or very important to the success of their practice. But numerous barriers to innovation are highlighted by those lawyers.

Imbalance

The largest barrier, cited by 29 per cent, lies in the firm's culture, mindset or conservatism. Lack of resources is mentioned by 22 per cent. The organisation's structure is said to be a problem by 16 per cent. Joanne Beckett of LexisNexis Australia said: 'Being ready to adapt to tomorrow’s disruption while exploiting today’s efficiencies, can result in an imbalance between strategic and operation modes that can make it difficult to progress innovation initiatives.' Source: Lawyers Weekly

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