The Evolving Law Firm – Some Observations at ILTA 2011
As we talk with customers here at ILTA 2011, it’s clear that the unrelenting economic pressures continue to impact law firms. Firms are being challenged to run more like businesses, retain clients, grow intelligently, compete globally and focus on driving efficiencies. We’re seeing the functional areas within firms begin to collaborate more closely in an effort to address challenges and seize opportunities.
One additional emerging trend is the need for law firm leaders to have better access to insightful information. Data-driven decision making enables firms to take some of the risk out of growth strategies. We’re seeing a significant investment in information management systems and renewed interest in using SharePoint to distribute information to critical audiences.
Hubbard One is adapting its strategy and focusing efforts on helping clients navigate the complexities of law firm information in an increasing competitive environment. As one example, client reports are often cobbled together with an overwhelming amount of information from various systems and presented in a variety of formats. With the right architecture and infrastructure in place, these reports can be transformed into largely automated snapshots of easy-to-digest intelligence, which allow lawyers to absorb the information and make quick, informed decisions based on the data presented. Both client development and firm efficiency are enhanced.
The sessions and customer conversations we’ve been having at ILTA underscore the dramatic evolution that firms are undergoing. As always, we continue to be amazed by the innovations that are occurring within information and knowledge management, and by the ways that savvy law firms are applying these innovations to compete and succeed in today’s challenging marketplace.
