Despite this, 47 per cent of decision-makers acknowledge that they are traditional in their way of working, suggesting that they are struggling to let go of conventional values and adopt new ways of working. These are the findings of a new report commissioned by Lexis Nexis, entitled ‘Mind the Gap’, which was based on the views of 56 decision-making partners and more than 100 fee-earners in medium-sized firms in England.
This reluctance to let go of old ways of working is causing a major disconnect between decision-makers and practicing lawyers on the front line on what their firm’s focus areas for change should be in 2016. Decision-makers rank review of information sources as their number one change planned in 2016, whereas lawyers believe increased investment in processes and technology should be their firm’s top area for change implementation this year.
Decision-makers also have a far rosier perception of their firm than lawyers – 84 per cent believe that the firm has a clear strategy for the future direction of the business, while only 62 per cent of lawyers consider this to be true. Furthermore, 72 per cent of decision-makers feel the firm is agile in decision making, only 52 per cent of lawyers think so.
Interestingly, 59 per cent of mid-sized law firms view their size as a competitive advantage and are bullish about their growth prospects, with four out of five firms ‘quite or very’ confident about future growth. This optimism is especially prominent among decision-makers, with 84 per cent expecting their firms to grow in the next five years, particularly due to a resurgence of demand in sectors such as property and family.
Law firms’ top priorities for 2016 more or less mirror their key challenges, with 80 per cent of respondents prioritising attracting new clients, 75 per cent retaining clients, 75 per cent attracting the right staff and 66 per cent understanding customers and market, in 2016.
However, researchers detected ‘a degree of complacency’ creeping into the mind set of decision-makers at law firms, as there are a number of areas where they believe that changes have been implemented and issues resolved. For example, 79 per cent of respondents say taking on more staff is complete and 75 per cent claim website development has been implemented. More than half (57 per cent) consider investment in processes and technology done and dusted.
Jon Whittle, market development director at LexisNexis UK, suggested that senior decision-makers are adopting a ‘tick box approach to change, evolving business imperatives and new ways of working.’
He added that firms need to ‘keep pace with the continual changes taking place in the market, which means understanding and adapting to client and staff requirements, keeping processes and infrastructure up to date and embracing a much more proactive attitude to business growth and enhancement.’
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