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Legal industry outlook remains positive for 2016
Most firms are optimistic regarding the future of the legal industry. However, there are still challenges in providing client focussed services.
Law professionals need to become familiar with digital technology.
The legal sector in Australia is certainly not without its challenges and 2015 has been a trying year for many firms.
However, a recent survey conducted by Lawyers Weekly has found that sentiments regarding the future are widely confident. Out of the members of Australasian Legal Practice Management Association (ALPMA), 64 per cent felt positive or very positive about the future of the industry.
Boutique firms had the greatest expectations, with 74.5 per cent feeling positive about the outlook for the next few years. This may be a good area of focus for professionals looking for legal jobs next year and beyond.
Despite the positive outlook, there are still significant barriers that could impede growth in 2016. These include adapting to the client-driven service market, changes in technology and old-fashioned practices and organisational structures.
These challenges lead to a low rate of positive expectation among global firms (40 per cent) and sole practices (47 per cent).
Technology adoption critical for effective legal practice
Innovations in technology have affected a wide number of legal firms in Australia and this is set to continue into the new year.
"Many current practices and procedures can continue to be used and enhanced; however, parts of the legal production process must be re-engineered using automation, artificial intelligence, outsourcing and/or low-cost in-house resources," said an anonymous ALPMA member.
In a GlobalX Legal Solutions study, firms identified the five most common technologies they believed had the biggest impact on the industry. As named by over 40 per cent of firms, these were: electronic conveyancing, cloud-based technology, data security, integration and mobile technology.
Technology is also an important consideration for implementing client-focussed services. In terms of maintaining a digital presence, many legal firms are failing to implement sufficient practices. According to a survey conducted by the ALPMA, two-third of firms lacked a company blog, which is vital for engaging with clients and industry professionals.
Despite 77 per cent of firms claiming they have a strong focus on client satisfaction, only 35 per cent have a process to measure this factor. Furthermore, just 13 per cent believe their website generates a sufficient number of leads.
To help find the technology-minded individuals needed for successful growth, Ethos Recruitment can help you acquire the best talent in the country. We are an Australian-owned Executive Recruitment Consultancy specialising in the $120k - $400k candidate market.
By Dominic Khedun