Insights from our recent roundtables held in Birmingham, London, and Manchester shed light on technology and innovation within the property law sector. The events fostered discussions that delved into the diverse attitudes of lawyers towards product importance, the intricate nature of legal processes, complexities associated with effective project prioritisation, as well as the primary challenges faced by firms in a crowded market.
“To remain competitive in this day and age, a firm must be seen by prospective and repeat clients as forward-thinking; making a conscious effort to adopt new practices to speed up and automate areas of the property transactions process that is no longer fit for purpose.” – Andrew Lloyd, Managing Director at Search Acumen.
However, before the introduction of new products and services to a law firm’s offering, the roundtables acknowledged there is much to be considered. First and foremost, there is a need to distinguish and establish trust in the products/services, without which successful adoption, utilization of new services, and securing staff buy-in would not be possible.
Additionally, the events highlighted the positive experiences of clients who valued the firms’ pro-technology approach, their commitment to staying informed about industry developments, and the provision of end-to-end solutions. The discussions emphasized the importance of simplicity, ease of adoption, and the crucial role of support teams in facilitating technology integration. Successful cases of technology adoption were characterised by facilitating teams, providing assistance during initial usage, and carefully timing the introduction of new services.
To effectively address these challenges, law firms should focus on product differentiation, securing staff buy-in through effective training and communication, offering tailored educational resources on AI for lawyers, comprehensive evaluation of product importance, enhancing collaboration between innovation teams and senior management for project prioritisation, considering appropriate instances of mandates, establishing efficient CMS processes, and emphasising the validation and accuracy of products to overcome resistance.
Overall, the insights garnered from these events highlight the key challenges faced by law firms and provide valuable guidance for developing strategic approaches and achieving better alignment between innovation teams and senior management in order to thrive in a competitive market.
If you would like to have a conversation surrounding the topics discussed above or would like to attend a similar event that we host in the future, please do get in touch.