As technology advances and becomes an integral part of people’s lives, there’s discussion about how it impacts different industries and the way business is done. It’s no different with law and its professionals.
While some people believe technology means decimation of lawyers, Aron Solomon, from MaRs, believes it’s rather a chance for progression. It is true that NewLaw is bringing about changes to the profession; however, Solomon thinks the end of billable hours is highly unlikely and he says large firms will continue to use traditional fee structures.
To stay ahead of the curve and remain relevant, however, law firms need to adhere to new consumer needs, such as being active on social media and upfront about prices and quality of service.
A survey by Thomson Reuters’ FindLaw reveals consumers are more likely to choose law firms that are active on social media and that for 69 per cent of respondents aged 18-44 see the use of Facebook, Twitter and LinkedIn as a factor when hiring a lawyer.
Overall, what we are seeing is the need for law firms to evolve and innovate to meet market needs, and those who are proactive about change will be rewarded.