According to accountancy firm BDO's recent "Law Firm Leaders" survey, over 90% of participating firms think that technology will be a major factor in their success in the next five years.
The survey of 50 firms from top 200 UK law firms and top 100 global law firms looked at how leaders plan to manage, adapt and respond to a new market and also considered their outlook over the next five years. The survey identified four main areas of change: accelerated change, technology, law firm shape, and client relationships.
This research further demonstrates how the legal sector is determined not be left behind and is embracing the development of technology.
Keeping up with advances in technology is the number one strategic priority for Scottish law firm leaders, who also feel that consolidation, Brexit, changing client demands and generational change pose a threat to their businesses. However, with one Scottish managing partner taking part in the survey noting that “many law firms are not in the position to invest in technology”, BDO’s Scotland head Martin Gill said that bridging the funding gap would become critical in the near future.