It can’t be overstated. The legal services business is experiencing dramatic change. For law firms as institutions, it is obvious because more work than ever before is brought in-house by clients, and alternative service providers are rushing into the competitive landscape. Besides the increase in competition, there are technical and practice advances that have changed the way law firms do business. Legal project management, once a novelty, is altering the focus law firms are expected to bring to a task. Technology in law is evolving so fast that even law firms committed to investing in new tech have a hard time keeping up. And artificial intelligence is finding its place in the ultimate objective of meeting the legal needs of clients.
With all the industry change, most firms know that settling on the status quo is risky. Still, more than a few firms are slow to change. Some are overwhelmed by the idea of innovation itself or are worried about the appropriate time and capital to invest in its execution. Without adequate experience or guidance, a firm can be paralyzed.