Tomorrow’s legal landscape: helping firms prepare for change

Chris Bull, consultant at Edge International and former COO for Osborne Clarke – joined Amy Bruce, head of marketing at Osprey Approach, for episode 11 of the Empowering Law Firm Leaders podcast.

In this conversation, Chris discusses the changes and innovations he expects across the sector and how that impacts SME firms now, as well as the most effective way to allocate tech budget and maximise ROI.

Chris’s three essentials for running a successful modern law firm

1. A client-centric approach

While many firms claim to prioritise their clients, Chris highlights the need for a deeper commitment: “Being client centric is different… [it’s] about being obsessed by the client, your current clients, your future clients, how they’re evolving, what they really want, what success looks like for them.” Chris says that firms need to measure their success not just by financial metrics but by the value they add.

2. A restless, radical, and challenging mindset

Chris believes that law firms must constantly question the status quo and be willing to adapt. “Take nothing for granted. Never say ‘we’ve always done it this way’; never say ‘we’re lawyers and we’re different and we can’t do it the way other businesses can do it’”.

3. Have a unifying purpose

Chris highlights the importance of having a clear, shared purpose that aligns with the firm’s values and goals. This purpose should guide all aspects of the firm’s operations, from client interactions to internal processes. Chris notes that purpose can sometimes be dismissed as superficial, however, he argues that purpose is fundamental and should lead to profit, not be balanced against it.  

How SME law firms should invest their IT budget

Both the LPM Frontiers and Lexis Nexis Bellwether reports found that many SMEs will be increasing tech spend in the coming 12 months, but how should firms allocate budget to maximise return on investment (ROI)?

Chris believes that the increase in tech spend may simply be a reflection of increasing costs: “Everything is more expensive and tech is a lot more expensive…I think the SaaS model is driving quite a lot of year-on-year costs.”

Artificial intelligence (AI), particularly generative AI, is another major factor influencing tech budgets. Chris believes that AI will significantly drive law firm budgets in the coming years. “AI will be the big driver of law firm budgets because fundamentally Copilot… is going to cost you more money.” Despite the costs, Chris believes that firms will invest in these technologies because of their potential to augment capabilities, especially for smaller firms that cannot afford large teams.

Additionally, there is growing interest in practice-specific tools and technologies. Chris notes that while generic enterprise software offers consistency and economies of scale, there is a recognition that different areas of practice, such as private client work and commercial law, require tailored solutions.

How to adopt practices from large law firms to improve long-term success

Firms of all sizes can learn from each other, particularly in terms of mindset and strategic focus. Chris notes that larger firms, especially in the UK, have adopted more commercial approaches, often radically changing their models. He suggests that SMEs can look at larger firms for inspiration, particularly in how they think about growth and purpose.

Chris highlights the advantages smaller firms have in terms of agility and decision-making can pivot and make changes more easily than larger firms, which often feel more conservative. Chris advises, “It’s a lot easier for you to make this call, make a decision, change direction, take action.”

How to encourage experimentation and innovation

Leadership plays a crucial role in fostering change and innovation within law firms. Chris notes that while there are champions and advocates for change throughout firms, it is essential for leaders to actively support these initiatives.

Chris advises senior leaders to delegate and empower others within the firm to take the lead: “Encourage those people from wherever they are in your firm, your organisation, and really try hard not to discourage them or restrict them.”

Chris believes that current training budgets are often insufficient, with a lack of focus on helping individuals become effective users of technology and managers of their own time. He stresses the importance of investing in training that enhances personal effectiveness and skills such as design thinking and the concept of a minimum viable product (MVP).

He points out that many good initiatives fail because there’s too much focus on client work and meeting chargeable hours – something leaders need to address.

Preparing for the 2030 law firm

By adopting a client-centric approach, fostering a restless and challenging mindset, and unifying the firm with a clear purpose, law firms can navigate the complexities of the modern legal landscape. The evolving role of legal operations, strategic investment in technology, and the importance of performance management are crucial elements that firms must embrace to drive efficiency, innovation, and client satisfaction.

By planning strategically for 2030 and working backwards to identify necessary steps, firms can ensure they are well-prepared to meet future challenges and opportunities.

Watch the full interview with Chris Bull now to discover more advice and guidance on preparing for success. You’ll also hear Chris’s exclusive advice on the importance of purpose and how it unifies and drives teams.

Listen on Spotify, Amazon Music, or YouTube now.

Kindly shared by Osprey Approach