Professional services firms have been able to thrive in almost any market condition. They have been consistently successful for several decades without needing to re-examine their basic operating model.
Over recent years gradual yet inexorable change in client expectations and the business environment means that more of the same is no longer enough. Law firms will need to use IT more effectively in order to remain competitive. To do this, they will need to ensure that all their information systems function as an integrated whole, and are available to staff, clients and business partners.
Integrating the legacy of information and system silos
Law firms have invested in solutions focusing on specific requirements of their sector, such as client relationship management, searching, portals, practice management, financial management and collaboration. In many cases this has resulted in a patchwork of systems and information silos. Often such systems are not integrated with other legacy systems so while they might meet initial requirements in one area, there may be inefficiency overall – especially when seeking to provide information to clients.
In response, some legal industry vendors offer functionality outside their traditional product set. For example, we are seeing the emergence of case management systems that provide integrated time recording, and document management systems and online collaboration tools. Some law firms, especially those in the magic circle, are moving away from traditional legal sector solutions, implementing industrial strength enterprise-wide integrated solutions, such as SAP and Oracle.
The IT opportunities can be considered under two categories: cost reduction and value addition. Both improved services to clients. We look at each of these areas in a little more detail below.
