There are currently many challenges facing law firms. These include fee pressures, new entrants to the market, regulatory changes and many more besides.
We’ve witnessed a whole host of approaches that firms are taking to tackle these challenges, which I’ve summarised in the accompanying graphic.
Each of these approaches can be described on a scale from ‘tactical’ to ‘strategic’ and in terms of their area of focus i.e. front-office (focused on the activities of lawyers) or back-office (focused on support function activities).
In our experience over the last few years, we’re seeing the majority of firm’s activities focus on more tactical projects than strategic ones. We’re also seeing a prevalence of projects focused on a firm’s support functions rather than the core front-office activities of its lawyers.
Although a bit of a simplification, it tends to be the case that as one moves from the bottom-left to the top-right, the projects become tougher to implement, but the potential benefits also increase significantly.