As the first day of the Vantage Worldwide Conference came to a close last Tuesday, Susan Taylor Martin, president of Legal at Thomson Reuters, met with a group of C-Level attendees during the one-day Executive Summit.

In her remarks, Taylor Martin discussed the major trends shaping the large law firm space: increased competition; scrutiny of legal spend; and increasing use of non-law firm resources, including legal process outsourcing.

“If you are a technology leader responding to these trends, you’re faced with the pressures of managing the fast adoption of new technology and balancing competing firm priorities – ranging from automating business processes to increasing visibility into business performance,” Taylor Martin said. “If you’re a finance leader, you must scrutinize the business impacts of the ever-increasingly competitive market, making decisions that will place your firm in the best possible position to meet profit and growth objectives. You need to explore—and in many cases implement—alternative fee arrangements, new project management standards, and alternative staffing models to boost firm profitability.”

She pointed out that firms that have learned to harness technology, embrace the realities of the market and adopt new models for both managing their firms and delivering legal services seem to be pulling away in terms of performance, citing analysis of an upcoming company report.

“Collectively the legal industry remains in a time of transformation and change for which technology is a critical part of the answer,” said Taylor Martin. “Technology is a significant enabler, for the law firm and general counsel alike, and Thomson Reuters is committed to unlocking the content, technology and expertise, to benefit customers through products like the newly announced Elite Business Development Premier which incorporates competitive intelligence from our Financial & Risk business.”

Taylor Martin closed her briefing with a strong Thomson Reuters – and personal – commitment to partner with customers during this time of transformation. “I would argue,” Taylor Martin said, “that Thomson Reuters is at its best when we are anticipating where the market is going and building solutions that help our customers embrace the future with confidence. I believe we are uniquely positioned to help you meet today and tomorrow’s challenges.”

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