Are some law firms already too late to take advantage of the changes being introduced by technology?
According to a new survey from consultants Altman Weil, smart technology is already replacing the ability of lawyers to deliver legal services in the traditional manner, a process that may amount to a “mortal threat” to some law firms according to the survey authors.
Conducted in March and April 2015, the Altman Weil Law Firms in Transition Survey polled Managing Partners and Chairs at almost 800 US law firms with 50 or more lawyers.
Of those surveyed, 320 firms returned surveys, including 47% of the 350 largest US law firms and 45% of the Am Law 200.
The complete survey report includes sections on industry trends, market demand and competition, pricing and alternative fee arrangements, efficiency of legal service delivery, lawyer staffing strategies, law firm growth and economic performance.
The impact of technology upon the way law firms deliver their services is something that has lead to the growth of new delivery mechanisms and law firm structures, but it is also something that is poorly understood by many firms.
The rapid development of technology and internet applications to the way law firms perform services is a key change for lawyers internationally, but a threat to some who fail to grapple with the onset of rapid change.