The legal market is changing. The rise of technology has raised the profile and importance of the digital economy, producing an ever more complicated legal and regulatory environment and increasing pressure to offer legal services and turn a profit in a competitive market. As a result, it’s never been harder to maintain an edge over competitors. Indeed, with 55% of purchasers reviewing their legal suppliers, and 52% considering buying legal services from non-traditional law firms, it’s clear that legal services need to adapt and look to the future if they want to stay ahead of the curve.
Here’s what you should be thinking about. Changing Regulations
The central tenet of the GDPR revolves around giving power back to consumers and increasing transparency in the way that customer data is handled. Customers can now request to see their personal data, and withdraw permission for that data to be handled and analysed; they also need to give their consent for it to be used. This means that companies are now held accountable for the data they possess. To minimise the chances of data leaks and maintain transparency, therefore, it’s time for legal firms to upgrade the way in which they handle and process data. Invest in data compliance classes for your employees, and make data compliance and protection an overall part of your business strategy. If you want to thrive in a post-GDPR world, you need to make sure that your customers’ data is secure, and know where that data is stored and who has access to it. Cyber Security
Cybersecurity is set to become a massive trend over the coming years. As technology improves, legal attacks on firms have increased, with 26% of large firms experiencing security breaches last year. This number is only likely to increase, and in order to protect your data and your assets it’s almost vital that you upgrade and streamline your systems. Indeed, many law firms are looking to hire coders to improve their security and upgrade existing processes; in an age where online protection is paramount, it’s something everybody should be thinking about.
Changing Customer Demands