Thomson Reuters Legal SYNERGY2021: How Do Midsize Firms Compete in the Big Leagues?
It’s the final day of the Thomson Reuters Legal SYNERGY user conference, where legal professionals from the U.S., Canada, the UK and Europe have gathered virtually for product sessions and continuing legal education as well as opportunities to network with peers and hear from fascinating guests. Throughout the conference, Legal Current has shared presenters’ SYNERGY session recaps.
Today’s guest post was written by Jordan Schuetzle, director of Market Development at Thomson Reuters, who shares key takeaways from his SYNERGY session, How do midsize firms really compete in the big leagues?.
Midsize firms have proven to be a particularly good fit for major corporate clients. Their structure, innovative cultures, responsiveness, and ability to collaborate both internally and with clients makes them attractive business partners. Further, midsize law firms tend to embrace technology at greater rates than their smaller and larger counterparts, the results of which have positioned midsize firms to better serve their clients and deliver greater value.
So, what are midsize firms investing in?
- Solutions that provide efficiency, predictability, and transparency, which all allow firms to be price competitive and attractive.
- Solutions that help them become experts in targeted practice areas and tools that help promote that expertise. In periods of tight demand, firms are positioning themselves to capture as much work as possible, and that often requires lawyers to go slightly out of their experience zone.
- Solutions that provide remote access to files, records and tools, and promote collaboration among the lawyers and staff at the firm as well as with clients and third parties. Clients want to work more collaboratively with law firms, and 59% of midsize firm leaders report that they have implemented or plan to implement opportunities for more collaboration, according to the 2020 Law Firm Business Leaders Report.
Not only does using cutting-edge technology position midsize firms nicely to compete for larger clients, it can also place them among the elite in their immediate peer group of similarly sized firms.
Even if a firm only plans to take on a limited number of higher-profile matters or clients, the impact of the increased speed and quality can position the firm to take on more clients in the midsize market segment. Anecdotal evidence shows firms that invest in technology have more highly satisfied clients, and satisfied clients are much more likely to refer friends and colleagues, leading to organic firm growth.
Today’s clients want the best results for the best value, and many are seeking firms with the right expertise rather than a prestigious name on the door. Technology is helping midsize firms level the playing field with regard to the size and complexity of the matters they can handle. By making the right technology investments, firms can confidently compete for more business that would never have been on their radar previously.