If you missed our latest webcast, no need to worry – you can watch it on-demand at any time!
This event focused on the current state of the UK legal market, the opportunities and threats for law firms, and the role of technology in building client relationships. Pulling expert data and insights from the latest State of the UK Legal Market report by the Thomson Reuters Institute, the discussion explored the current landscape of the market, the types of clients that are looking to hire a law firm, and the latest trends in technology.
Who you’ll hear from
Hear from two of our experts, Lucy Leach and Ben Firth. Lucy is the Director of Research Strategy, Thomson Reuters Institute. She has over 15 years of experience researching the global legal services industry and other professional services, across a diverse range of subjects from branding and client perceptions to employee engagement and partner compensation. She provides high level statistical analysis of the research findings, using a range of multivariate analysis techniques and models to uncover underlying trends and correlations within and between project datasets, to provide actionable insights for firms and other organisations.
Ben is a Director of Sales & Customer Success for Thomson Reuters, having joined as part of the HighQ acquisition 2-years ago. Leading a pan-European team, he is responsible for ensuring clients get the best from their HighQ and Contract Express investment. Ben has 18 years’ experience in Legal Tech. During this time, he has worked for several Legal Tech vendors – from technical and business consultancy to sales and vendor management – and has seen the landscape change drastically over the past two decades.
A sneak peek: What you’ll learn
The current state of the UK legal market and what firms should do to adapt to changing client expectations
In the UK legal market, optimism has peaked in Q3 2021 but has since seen a steady fall due to political and economic turmoil. To set themselves apart, law firms need to focus on subtle differences in client needs and leverage client feedback programs and technology to get closer to clients and add value to their services. Lucy noted that “less than a quarter of UK legal buyers were aware that law firms were using technology to build value into the client relationship.”
Ben also emphasized the importance of using technology to improve client engagement and satisfaction. “We’ve got this array of vendors in the legal tech space bringing out platforms and services to enhance law firms to give them the best opportunity to sell to their clients and create some amazing services,” he said. With a competitive market and increasing international needs, adopting the right legal technology can help firms differentiate themselves and meet client demands.
What legal clients are looking for from their law firms
Lucy goes into detail on what clients in the UK market are looking for from their law firms. Firms need to focus on providing practical, pragmatic advice rather than simply offering technical expertise. Leach stated, “It’s the commerciality, it’s the business savvy, it’s the understanding their business that really stands out for UK buyers, and is only ever becoming more important.”
Hear the full conversation in the on-demand webcast, “The State of the UK Legal Market: What you need to know to set your law firm apart.”
A simple investment that can improve client satisfaction and provide a competitive edge in the market
With the rapid pace of change in the legal tech space, investing in legal technology can help law firms stay competitive and meet the evolving needs of their clients. Ben emphasized the importance of making investments that are client-facing and focused on solving specific problems. “Everything a law firm is generally purchasing now with technology is client-based,” he explained.
The right legal technology solution can help your law firm deliver more responsive, transparent and valuable services to your clients.
There are four factors that law firms should consider when evaluating and implementing new technology solutions. By staying up to date with the latest legal tech trends and ensuring that their technology offerings align with client needs, law firms can set themselves apart and maintain a competitive edge in today’s legal market.
Some insights surfaced
- Clients are increasingly looking for firms with specialist knowledge and global coverage.
- The legal tech market is becoming more competitive, with a focus on client-facing technology and cloud-first strategies.
“Clients aren’t always wedded to staying with the firms that they already do and they are willing to move around to find what they’re looking for.”
Make sure you have an accurate understanding of the state of the current legal market and what current and prospective clients truly want from their law firm.