The Law Society has predicted that law firms will be employing fewer solicitors by 2020, with the evolution & increased implementation of technology in the legal sector the driving force behind this change.
This is just one of a series of predictions made by the Law Society in their new report on the future of legal services, which looks at how the market will change over the next five years and tmgroup have taken a look at what the predicted drivers are that will impact on conveyancers.
In the report the Law Society say that “it seems inevitable that solicitors and lawyers face a future of change on a varied scale, depending on area of practice and client types.
Business as usual is not an option for many, indeed for any, traditional legal service providers. Innovation in services and service delivery will become a key differentiating factor.”
The drivers of change that the Law Society say are likely to impact on conveyancers are:
Technological and process innovation
The legal sector is no different to any other in that it will feel the effects of technological progression. The initial trend over the coming years will be for technology to facilitate the automation of routine work, but after 2020 there could be more innovation employed, for example with the mode of delivery or service solutions.
New entrants and types of competition
The Law Society believe that there will be three variables likely to have an impact on firms’ profitability: Changing buyer behaviours; threat of substitute suppliers; and increasing rivalry amongst large corporate firms.
By 2020 the Big 4 accountancy firms should have made their presence felt in the legal services market, readying themselves for changes to the ABS rules in other currently closed markets.
As technology evolves, the Law Society predict that there will be fewer solicitors as the automation of legal services results in more work being done by paralegals or using technological platforms.
tmgroup marketing director Ben Harris commented on the report saying:
“In many ways, the Law Society’s report echoes what tmgroup have been working with our customers on over recent years.
“Conveyancers are already using services that will streamline their processes so that people can get the best out of technology; freeing them from manual tasks and empowering them to get on with their work.
From reducing the time taken to order a simple bundle of searches or ordering reports on large portfolios of properties through to streamlining their communication with consumers and working with online document collaboration, conveyancers are benefitting from these innovations right now”.
To speak to someone about how your firm can benefit from these innovations contact tmgroup on 0844 249 9200 or email firstname.lastname@example.org