A combination of internal pressures and external factors is driving wholesale change in the legal services market. By 2020, innovative practitioners will have harnessed advancements in technology to address emerging market opportunities, fundamentally redefining the legal function. Innovative law firms will drive a transformation of the services they offer and the way they deliver them. While this evolution takes place within the legal market, soft skills such as communications and stronger relationship management will become increasingly important to maintain high service levels.
As chief financial officers demand year-on-year cost reductions, doing more with less is critical. Externally, changes in the market ranging from the accelerating pace of new regulation to increased competition are presenting opportunities and concomitant risks. As the legal sector opens up, alternative legal service providers are entering the market with innovative technology, while traditional rivals transform their operations.
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