Description
Book SynopsisThis Special Report on Legal Tech and Digital Transformation offers a practical framework on the following topics: *What impact do technology, legal tech and technology-based legal services have on the formulation of strategy in traditional law firms? *Does legal tech affect the competitive positioning of law firms? *Legal tech and client services delivery: will the distinctive value proposition of law firms change? *How does legal tech impact the traditional business models of law firms? *How do national and international law firms implement technology in their business model? What are best practices and what can we learn? The report concludes with a commentary on the perspectives law firms should consider in regard to legal tech companies and legal process outsourcing (LPO) providers (and how should they respond). Will we see mergers between law firms and such new entrants and legal tech companies? How will the 'Big 4' embed legal tech in their services and where will they try to compete?
Table of ContentsIntroduction 5 Digitalisation and legal tech 9 1. Digital transformation 9 2. Legal tech market 11 3. Alternative legal service providers and the Big Four 19 Strategies for law firms 25 1. General 25 2. New entrants 28 3. Demand-driven market structure 29 4. Substitute services 30 5. Intensified law firm competition 31 Strategy, legal tech and digitalisation 33 1. Digitalisation and clients 33 2. Digitalisation and law firms’ responses 35 3. Changing business models of law firms 40 4. Disruption, operational excellence and sound strategy 46 Summary 51 Appendix I. Strategy formulation 57 Appendix II. Business model canvas 58 Notes 61 About the authors 63
