Law firms look set to update their technology systems in a bid to steal a competitive edge over laggards who fail to see changing business needs.
So far history has been on the side of the sceptics. For all the hype about a revolution in legal services since the 2007 Legal Services Act came into force, we have yet to see a technology-enabled new entrant disrupt the sector along the lines of Amazon or Uber.
New entrants such as US giant LegalZoom, whose UK chief executive Craig Holt describes as “preparing to revolutionise the market”, still seem to be testing the water before all-out launch. Meanwhile “Tesco law” contenders such as Co-operative Legal Services have publicly replaced their early ambitions with more modest aspirations of growth. Even the private equity investment sector seems to be having second thoughts following Duke Street’s experience with its investment in Parabis Group.
What united these ventures was the assumption that legal services was a sector where the fruits of adopting information technology were ready to be picked by anyone bold enough to grasp them.
Read more and view the full infographic from Raconteur: http://raconteur.net/business/new-technologies-disrupting-the-legal-sector