Digital transformation is revolutionizing every major industry, creating opportunities for differentiation and growth for those who use digital technologies to change how they do business, and challenges for those that are slow to respond. Digital transformation is a term used to describe how digital technologies (like cloud, artificial intelligence, mobility, cryptography and collaboration) are becoming key enablers for transforming relationships with clients, business processes, how users work and even business models.
Faced with client pressure for greater value, and increased competition for business and talent, law firms are facing slower revenue growth and margin pressures. Additionally, law firms are under intense pressure from cyber threats as they store highly sensitive and confidential information, making them a natural target for cybercriminals. And there is a broad recognition that the low hanging fruit available to overcome law firms’ growth, productivity and security challenges are exhausted, and more fundamental change is required. Strategies to address these challenges, such as cutting administrative costs or improving perimeter cybersecurity defences, which worked in the past, will not cut it anymore. Leading law firms are looking to make radical changes—enabled by the use of digital technologies—to drive:
- Faster innovation that delivers new service offerings and other new ways to better serve clients.
- Agility that enables them to better capitalize on new market opportunities as they arise and respond to challenges faster—a need that only becomes more critical as the pace of market change continues to accelerate.
- Improved leverage by using AI and knowledge management to increase efficiency.
- Robust risk mitigation strategies and state of the art cyber defences that enable them to better prevent, detect and recover from cyberattacks.
