The PWC Law firms’ Survey 2018 identified that 63% are concerned with speed of technological changes and its threat to growth*. This is one of the four areas, as a result of the survey, that PWC has flagged for law firms to think about to move forward and remain robust in changing times. The report stipulates key challenges facing the legal profession between now and 2020, with 100% of Top 10 and 40% of Top 11-25 firms viewing technology as the key challenge facing the legal sector over the next two years.
Of course, this also applies to the accounting sector. We recently undertook a survey to find out about AI concerns and challenges within the accountancy sector, and in our opinion, there are distinct similarities between accounting and legal professions. With regards to technology, we know that the lead time to go from zero awareness to competence is often longer than the time available to respond to a competitive threat or to meet a market opportunity. Therefore, looking at what solutions you have in place currently and what processes and technology you may need to implement is better to do sooner rather than later.
As a basic, a professional services firm should ensure that all channels align efficiently. This means that your current CRM integrates with all marketing aspects such as social media channels, email marketing, website analytics and so forth.
Another simple update is ensuring you have a mobile CRM and timesheet solution. Those in the legal and accounting profession are always on the move, so a mobile option means wherever you are, you are seamlessly connected with any CRM or practice management system and can record opportunities and actions as well as keeping timesheets in order. What’s more, with our mobile CRM, the individual can tailor the app to their specific needs utilising filters, dashboards and favourites in a way that suits.
We often talk about taking a holistic view of your practice because building a mutual consensus can help reach goals and identify priorities. This is about taking a client lifecycle management approach to create common clarity which in turn leads to collaboration and focus on the right objectives at the right time.
Read our blog on taking a holistic view to implementing AI technology for more insight about our Envision methodology to understand how it can help your firm grow. In short, Envision enables a firm to identify areas of focus and priorities which in turn helps define project scope and subsequent conversations with management boards and the wider company. This is invaluable for growth.
If you would like to find out more about the Envision methodology and how it can help your legal or accounting firm, get in touch with Sarah Trude, our Business Development Director, on +44 7948 438680 or via email email@example.com.
Source: *PWC Law Firms' Survey 2018
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